Subject: File No. S7-20-21
From: Timothy W Rennels
Affiliation: None

January 21, 2022

Transparency is imperative if we are to have trust in the markets. There can't be rules that only apply to the little people while the wealthy and powerful are exempt. There must also be real penalties, not a small percentage of the profits made from illegal activity. The SEC currently gives the impression that illegal activity is okay as long as they get their cut.