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.