Subject: File No. S7-08-20
From: Travis Q Gray

July 28, 2020

Raising the limit for requiring filing would lower stock transparency, as most small investors don't have access to resources that the bigger players (those who have enough holdings to individually influence the market). This would hurt small investors as they would not be able to see what large scale investors are doing. I see no invasion of privacy by continuing to make this public information. Property deeds are public information and most of them are well under 100 million.