Subject: File No. S7-08-20
From: Elvis Xu
Affiliation: Program Manager, Microsoft

July 16, 2020

When Congress first adopted Section 13(f) it did so to stimulate a higher degree of confidence among all investors in the integrity of the US securities markets. Taking this data away will have the opposite effect. Transparency is what gives investors confidence in US markets.

Reducing transparency will only roll backwards any progress we've made in making America a fair and transparent marketplace for individual investors