Subject: File No. S7-24-15
From: Graeme Beaton

March 20, 2020

This is an ill-advised attempt to skew the markets against hedging of risk.

I am a retired investor who has made these instruments a headge against downside risk such as we are seeing in the markets today due to the coronavirus.

In my experience, any time an agency has tried to put their fingers on the scales to benefit one investment or political philosophy or another, it has had detrimental effects. In short, their efforts have come back to bite investors, usually the smaller investors, often sparing the larger corporate investors.

I am dead set against any attempt to send us back to 'the good old days,' which gave us the Great Depression and many other memorably negative events.