Subject: File No. S7-05-22
From: Nathan

February 19, 2022

This proposed rule would be enforceable if an exchange ran based on blockchain. Otherwise we'll just have the same cycles of FTDs and \"IOU\" stock market / lending. Lending securities needs to be a real agreement between parties, not just a way for certain entities to create free money in the name of \"Liquidity\".

My main point is that execution of shortening the settlement cycle is only possible with blockchain technology. --- Any other solution is just not going to be reliable or trusted by the public.