Subject: File No. S7-20-21
From: Jacob Snyder

February 7, 2022

There is a lot of gray area when it comes to addressing insider trading. I deeply encourage and sponsor rules that provide clarity on the matter. Creating more transparency in the markets is beneficial to the majority of participants. In addition to the clarity it would be much appreciated if the penalties for breaking these rules and laws are of appropriate proportion to deter future rule breaking. Market wide compliance requires substantial penalties that should exceed the potential gains from rule breaking activity.