Subject: File No. S7-25-06
From: Greg Lyons

January 28, 2007

I probably qualify for your new (proposed) networth rules regarding hedge fund participation. However, given the sophistication of todays investors, do we need to increase the minimum liquid net worth to a level such that only roughly 1% of the poplulation can participate?

Should we have the same requirements for people trading high risk equities? Or better yet, should this requirement apply to those poeple participating in the highly leveraged commodity markets? I think not.

I am a professional trader who trades equities and ocmmodities solely for my own account. I have no ax to grind, merely an opinion.


Greg Lyons
720 Chesterfield Ave
Naperville, Illinois