Subject: File No. S7-08-20
From: James R Gundlach, Jr
Affiliation: Retired

July 22, 2020

Please do not change the existing rule. Maybe consider raising the threshold adjusted for inflation, but to increase the threshold to over 3B will negatively decrease transparency and lead to potential corruption. Please protect the public and leave the rule as closely as possible to as it is currently written.

James Gundlach