Subject: File No. 4-698
From: Dan Heise
Affiliation: Licensed Insurance Producer

July 5, 2021

In order to be effective, fines must be sufficiently punitive to deter illegal manipulation. These types of fines are one of a very limited number of deterrents and punishments available in an environment where bad actors can both profit greatly and cause great harm. The current exposure to fines cannot be further limited without creating an incentive to illegal manipulation out of proportion with any potential benefits to the investors the SEC exists to protect.