Subject: File No. S7-04-23
From: Noga Rosenthal

I am concerned about the confusing reporting requirements outlined in the proposed regulations. The rules create reporting obligations for various participants in the DeFi space, resulting in multiple inconsistent reports for the same transaction. This not only increases the administrative burden for market participants but also raises practical challenges in ensuring accurate and coherent reporting. Simplifying and harmonizing the reporting requirements could alleviate these concerns and promote efficiency in the industry. - Noga Rosenthal