Earlier quoted context omitted.
It wasn't fair to blame it on FTC and SEC. The blame is on the US Congress, they have the power to create and enact laws. They also can create law to limits the power of the federal agencies if they want to. They had a lot of opportunities to do something for us and they barely did anything except for corporations. Federal agencies only can do much within the scope of their power and laws.
And yet, how come congress keeps getting the same (or same type) of persons elected? So in the end, the electorate is not choosing a representative that represents them. Or, these niche concerns are not the concerns of the majority of the electorate.
With something like Ranked choice voting, competition would be introduced into the electoral system. Making 3rd parties viable will also give a larger percentage of the electorate representation in government. Plus more people will be engaged in the political process.
CGP Grey has a short and informative video on the topic, as well as videos on alternative electoral systems we could use. All his videos on other topics are top notch if you got some free time, check him out.
How we vote is controlled by the states, so we don't need to beg the two mainstream political parties to get this done.
I believe a couple states already have done away with FPTP voting, so it's possible. Alaska and Maine IIRC.
Oregon recently is looking into doing it as well but I am not sure if they passed it yet.