▁SE C ▁has ▁supported ▁its ▁position ▁in ▁legal ▁proceed ings . ▁D T CC ▁General ▁Coun sel ▁Larry ▁Thompson ▁calls ▁the ▁claims ▁that ▁D T CC ▁is ▁responsible ▁for ▁n aked ▁short ▁s elling ▁" p ure ▁in vention ". ▁ ▁In ▁July ▁ 2 0 0 7 , ▁Senator ▁Bob ▁Ben nett , ▁Republican ▁of ▁Ut ah , ▁suggested ▁on ▁the ▁U . S . ▁Senate ▁floor ▁that ▁the ▁alleg ations ▁involving ▁D T CC ▁and ▁n aked ▁short ▁s elling ▁are ▁" ser ious ▁enough " ▁to ▁war rant ▁a ▁hearing . ▁ ▁The ▁committee ' s ▁Chair man , ▁Senator ▁Christopher ▁D odd , ▁indicated ▁he ▁was ▁willing ▁to ▁hold ▁such ▁a ▁hearing . ▁To ▁date , ▁no ▁such ▁hearing ▁was ▁ever ▁held , ▁and ▁no ▁further ▁action ▁on ▁n aked ▁short ▁s elling ▁is ▁anticip ated . ▁Represent ing ▁state ▁stock ▁regul ators , ▁the ▁North ▁American ▁Sec ur ities ▁Administr ators ▁Association ▁( N AS AA ) ▁file d ▁a ▁brief ▁in ▁a ▁ 2 0 0 9 ▁suit ▁against ▁D T CC , ▁arg uing ▁against ▁federal ▁pre em ption ▁as ▁a ▁defense ▁to ▁the ▁suit . ▁NAS AA ▁said ▁that ▁" if ▁the ▁In vest ors ’ ▁claims ▁are ▁taken ▁as ▁true , ▁as ▁they ▁must ▁be ▁on ▁a ▁motion ▁to ▁dismiss , ▁then ▁the ▁entrepr ene urs ▁and ▁invest ors ▁before ▁the ▁Court ▁have ▁been ▁the ▁vict ims ▁of ▁fra ud ▁and ▁manip ulation ▁at ▁the ▁hands ▁of ▁the ▁very ▁entities ▁that ▁should ▁be ▁serving