> they are telling the government that government regulation isn't needed — they can regulate themselves

Quite a "trustworthy" regulation entity, which helped brokers remove evidence of financial misconducts and blocked public scrutiny into that matter.[0][1]

I have close to zero confidence in the finance industry being able to regulate itself.

[0] https://www.reuters.com/investigates/special-report/usa-finr... [1] https://www.sciencedirect.com/science/article/abs/pii/S03044...