I am against every part of this rule vehemently. Lack of reporting and transparency harms every retail investor and the market as a whole, especially in areas like r hypothecation where crime can easily be hidden. With all of the problem in private credit appearing right now, the absolute last thing needed is LESS reporting and less transparency. This to me feels like a blatant attempt by the SEC to let them commit more crime and add monetary risks to the system at the worst possible time. This rule must absolutely not be allowed to pass.