From: Ryan Smith
Sent: June 12, 2007
Subject: File No. S7-12-06

Mr. Chairman,

I respectfully send this e-mail to encourage you to stand up for the general investing public. The grandfather clause was put into place to protect those who of illegally sold what is not theirs through Naked Short Selling. You have said your self that Naked Short Selling is a major issue and the Reg SHO list is not curbing this practice. It is time for the SEC to step forward and eliminate the Grandfather clause. In order to start righting the direction of the ship, this criminal activity must be addressed. I ask and pray that you consider the future consequences of your decision and hope that you make the best decision for the majority of Americans, not the minority wealthy criminals. A price must be paid for all illegal actions and if we do not act now, this situation will only get worse.

Thank you for your time,


Ryan Smith