In recent public statements, the chair and other commissioners of the Securities and Exchange Commission have struck the right chord: they have vowed to leverage every tool in their regulatory tool kit to facilitate the flow of capital to the thousands of small businesses that are struggling to stay afloat in the wake of the COVID-19 pandemic. However, contrary to the SEC's stated priorities, the commission's enforcement division has waged an overly aggressive and entirely unnecessary campaign against participants in the market for convertible debt—the very firms that provide capital and liquidity to the small businesses the SEC says it wants to help. Witness SEC v. Fierro in the U.S. District Court for the District of New Jersey, or SEC v. Keener and SEC v. Almagarby in the U.S. District Court for the Southern District of Florida.