I don't like your attiude.
Apparently Puppet's goal was to shed light on some facts, I don't think there's a problem with that.
And I don't like your attitude quoting SEC texts. This whole gives us the chance to form something new, something better.
Everything has a reason, though not always a good reason. I don't have sympathy for the SEC or other legacy rulesystems either, but we'll have a better chance of building something new and better if we understand the rules and the reasons for them - learn from them if the reasons are good, or learn what to avoid if the reasons are bad.
Presumably, the SEC rules were meant to prevent basically exactly what's happening right now, and to that extent we should have some respect for them.