Subject: File No. S7-19-07
From: Eric Gruen, DPM

July 20, 2008

Please stop turning a blind eye to all this naked shortselling in gold mining shares. The proposed rules are NOT strong enough. You must shorten the time of delivery and force a buy-in when they are not compliant for ALL market makers. Please remember that naked short selling is ILLEGAL. You need to start enforcing the rules with stiff fines, penalties and forced buy-ins. You are losing the confidence of all investors, not only in the USA but throughout the world