Subject: File No. S7-08-20
From: Jed Christiansen

July 17, 2020

I STRONGLY believe that this proposal is NOT in the best interests of the American people.

Raising the reporting threshold by 35x would dramatically limit the ability to do research on markets, investments and securities. The analysis they can do is critical to understand how markets operate and then give the best guidance possible to American investors, large or small.

Not only that, but this will limit the ability for public companies to understand more about their own shareholders.

Fundamentally this rule shifts the balance of information to hide market positions from the public, and that reduction of transparency will HARM small investors by depriving them of information. (Information which large investors trade freely but behind closed doors.)

I'm not opposed to some raise in the level of reporting threshold, but a 35x change is NOT necessary and would have very harmful affects to the American public and American investors.