[mrguyorama]

Sure, vague rules allow misdeeds through enforcement, but luckily we have the court system to police that. Meanwhile, vague rules allow the SEC to target the bad behavior, and not have to constantly be begging the legislature for new laws every time someone comes up with a new grift.

It's basically "unsportsmanlike conduct" for the financial system. The NFL doesn't tell you exactly how hard you have to push the other guy before it counts as unsportsmanlike conduct, because that would be stupid, extremely context sensitive, and only help players push each other around more. It's up to you as a player to actively stay on the right side of the fuzzy line for that exact reason.

Every person on here who works in tech should understand how stupid "no the rules need to be clear" is when it comes to bad actors and adversarial systems. Imagine if it was expected for you to clearly explain to a user who failed your internal risk system what caused them to fail, so that they can fix it and try again. Imagine if you were asked to implement a system that explained clearly to your users what would get blocked as "carding behavior". It's clear to those who have built or worked with these kind of systems how utterly stupid and self defeating such an endeavor would be.

There isn't even an unambiguously correct definition of "Fraud" in the first place!