Subject: File No. S7-08-20
From: Jonathan Agha
Affiliation: CISO

July 23, 2020

Please do not move the threshold to 3.5 Billion. I do not believe it will benefit the market, hedge funds, or individual investors. There should be transparency for all investment managers for both long and short term holding. The overhead of reporting is trivial and is a baseless argument meant to only trick the non insiders.