And who decides the members of this privileged class?

If I get a speeding ticket do I lose my ability to trade? What about a fealony? What if I am on a no-fly list without due process?

well the thought was that it would strictly be tied to actions dealing with the market. there’s a lot of other people’s money in the market, bad actors are capable of creating markedly more damage than personal benefit. this is more about making sure someone with capital can’t repeatedly do dodgy things.

but yeah, it’s a weird hypothetical and the SEC is going after a bad actor here, so maybe the system is working

Your "what-ifs" are just completely ludicrous, to the point where it does not appear that you are wanting to actually discuss the topic.

They are not ludicrous at all.

A few years ago it was suggested we use the no-fly list to prohibit gun purchases. And that's an explicitly granted constitutional right. Felons already lose rights such as voting. How "quick" would this release be?

If we treat participation in the stock market as a privilege I think it's entirely reasonable to ask who gets that privilege.