Spiny lobster (Panulirus argus) represents one of the most lucrative fisheries in the State of Florida, and a majority of the catch is landed in the Florida Keys. Over the past three decades, the industry grew significantly, and by the end of the 1980s, state fishery managers agreed that the fishery was overextended. In 1991, the Florida Legislature passed the Spiny Lobster Trap Certificate Program (LTC), created to stabilize the industry by reducing the total number of traps while allowing fishers to transfer trap certificates in a market-based system akin to individual transferable quotas. Data from a survey study suggest that a majority of the respondents are dissatisfied with the LTC, which they view as transitory and unsustainable. The fishers' negative views are motivated by sociocultural changes in the fishing community. Managers need to consider modifications to the LTC and other such marketbased programs to minimize sociocultural impacts and retain small-scale fisher participation in such fisheries.