"these rules are stupid"
What never ceases to amaze me about free market extremists, is how much they take living in a civilised society for granted.
Try living in Russia where no-one is keeping fraud in check, you will quickly appreciate why we have these rules. A productive economy is imposible where every transaction could mean your savings dissapear into a black hole
I don’t think all rules are stupid, just these particular rules.
The reason I think the rules are stupid is that they don’t prevent fraud, they just prevent behaviour which is considered pretty legitimate in every other marketplace. Like, a spoofed ask price isn’t fraud - you can actually buy the price, and you will be filled.
There is no chance order spoofing will cause your life savings to disappear in a black hole. I think regulation to ensure that remains the case (ie around custody) is very important.
If you place the spoof orders knowing that and trying to create that behaviour then yes it's lying, but with extra steps.