Y'know .... there seemed to be far less "consumer fraud", etc., before the stinkin' NFA.

CTA registrations were a fingerprint card, a brief form and a fifty dollar check to the CFTC.

On a different notw ... however, somewhat similar ... RIA registration was a fingerprint card, a brief form and no fees (yup nothin') for that registration ... oh, and file annual reports.

Getting back to the NFA, I had an acquaintance that used to sling paper in the cattle pit ... nice guy ... had more than a few drinks with him.

The absolute mess, created by the NFA ... he just sold his seat (maybe he leased it ... oldtimer's disease 'n all) ... and walked away from the business. Guy was good, used to throw him NH and/or DRTs ... ALWAYS very pleased with execution.

A "member organization" ....

It is to laugh.