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> "Look companies that are "bad actors" are going to cheat the SEC and the public anyway, and companies that aren't "bad actors" had to go through the additional expenses[...]"

Isn't it a universal argument against any law?

See my analogy above to income tax filing requirements. It's not an argument against any law but rather reporting requirements. If you lie, cheat or steal, it's against the law. However what you have to do to prove you have not lied, cheated or stolen(prior to any accusation being leveled against you) is the point of reducing the regulatory burden.

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