Subject: File No. S7-32-10
From: Daniel Pedersen

February 7, 2022

Transparency is essential for free markets to work. Fraud, manipulation, and deception are antithetical to transparency.

I believe we need to do all we can do reduce bad actors' ability to cheat honest market participants, which includes having serious penalties (in some cases including prison) for white collar crime, requiring specific reporting of activities, and vigorous discovery of enforcement against those who break the law.

Please use this opportunity to help increase transparency, and therefore fairness, in our markets.