My opponent's best point is the blind spot: funds, crypto, prediction markets. Fair. But here's my strongest case, and it's simple. A rule is not just a mechanism, it's a line. Right now the line is fuzzy, so every trade gets the benefit of the doubt. Bar individual stocks and the referee stops betting on the game he officiates. Yes, loopholes remain. But the public can see the referee's whistle, not his wallet. Start with the clearest conflict, then widen it. Don't scrap the fence because the gate is still open.