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Budish et al. start with the statement that "The high-frequency trading arms race is a symptom of flawed market design" and present a mechanism that mostly addresses a specific feature of the current market structure. In 2021, most folks on all sides of the table (liquidity providers, executing brokers, financial institutions) agree that the arms race is individually and collectively value-destroying. They don't claim that it's the "best mechanism" for capital markets. And every mechanism is a set of tradeoffs, so no one should ever really make that claim. At OneChronos (YC S16) [1], we view the arms race as something that's very much worth solving for, but a tiny piece of a much bigger opportunity to make markets function better for all players.

[1] https://www.onechronos.com