Subject: File No. S7-08-20
From: Paul Adler

July 24, 2020

I am a retired retail investor.
I think that increasing the threshold for reporting holdings to the $3.5 billion would not be in the best interest of the general investing community.
Many of these small funds often use algorithms and programs that can cause crazy outcomes and affect the general stock market.

Past examples were the volatility etfs, oil and other commodity plays .

You folks are supposed to be the regulators for trust in the systems and keep it fair for all investors.

Transparency is the best way to keep the market fair to all.
Thank You.