"PEIRCE: How many people do we think are going to be pulled in if they keep doing this today? People who are depositing in AMMs? How many? STAFFER: It's a market that's not transparent or complaint so we don't have data. PEIRCE: They're not compliant because they can't figure out our rules. And this will be a huge implementation challenge for us." -- Gabriel Shapiro paraphrases today's SEC hearing