Dear Wo Ow,

Thank you for reading my work and thank you for bringing up the points about U.S. trading volume. To be sure, market manipulative activity continues to occur on major stock exchanges across the world and the U.S. is no exception.

But to that end the Securities and Exchange Commission are constantly on the lookout and do actively prosecute such behavior, including what you mentioned, spoofing.

Many of the activities that continue to occur on cryptocurrency exchanges are (rightly) prohibited on regulated exchanges and designated, licensed market makers are well established on U.S. bourses.

Thank you for your thoughts on this subject.

Yours,

Patrick