Subject: File No. S7-08-20
From: Brandon Karlsgodt

August 23, 2020

Please do not make this change as it is currently stated. I believe that the world needs more transparency, not less. Much trust has been lost in the financial markets since 2009, and I believe that this would be a large step backwards. It would be much better to index the 100M threshold to the CPI, which would put the current reporting threshold at approximately 450M.