Subject: File No. S7-32-10
From: Thomas Watkins III

February 7, 2022

We live in era of Fraud in the United States and extreme competition. Public trust in all institutions have been shaken to the core.

Fines rules and laws are meaningless when the fines do not penalize the rule breakers.

The current system without these new rules will fail and fail hard.

Retail and the commoners have been awoken during the Covid pandemic and now have eyes on what used to be an obscure and little known world of finance.