Translation - we haven't done our job to stop bad behavior so we just claim there is no bad behavior. So, by this logic HFT is good, dark pools are perfectly ok, naked shorting is fine, front running the market is normal, etc. Exactly what is not ok? This is what happens when you have the fox watching the chicken koop.
Both the SEC and the FDA, among others, are ancient relics. If they continue to remain dormant in their approaches to their roles, they will eventually go the way of all cumbersome and ineffective entities. We need serious change with both and others or we will face serious challenges as an evolving society.