Subject: File No. S7-08-20
From: Nathanael M Pine
Affiliation: CPA

July 15, 2020

To Whom It May Concern,
The increasing of threshold reporting to $3.5B will reduce market transparency and lead to the increased likelihood of fraud. Those with $100M in assets have the wherewithal to meet the burdens of current reporting standards.
Yours sincerely,
Nathanael M. Pine, CPA