I don't get the premise of the complaint. Person A lends the shares to B who shorts. A's share are now gone. They don't have the shares; C who bought them on the market has them.
A has a lending agreement with B that entitles them to the shares back, payment of dividends and interest etc.... so if they want them back, B has to go to the market and buy them...
I don't see how new shares are being created.
That aside - Call me a pessimist but the phrase 'Regulatory Capture' comes to mind ......
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