Aug. 19, 2023
Dear SEC, I'd like to bring to your attention the intricate nature of our financial system, which involves sophisticated personnel and complex computer systems handling various exchanges. A recent memorandum analysis revealed that the smallest reported swap is $70 USD, but I firmly believe that the minimum requirement for reporting any asset or debt-based swap should be $0 USD. It's imperative that we enforce daily reporting of all positions, whether owned by parent companies or child entities, a change that should have been implemented years ago. I urge you to consider stricter reporting laws that encompass both traditional and digital assets without exceptions. Every position holding monetary value must be reported separately to eliminate loopholes, and changes in position size should be reported by day's end. Current practices that allow hiding high-risk assets through offshore countries are concerning, and I want to emphasize that automation has rendered complaints about processing hours moot. Lastly, I propose that the costs to meet these reporting requirements should be viewed as a standard business expense, especially in light of the substantial profits within the financial sector. I advocate for a zero-tolerance policy against non-reporting and recommend increasing fines for violations by at least ten times the value of the unreported position. I also encourage the SEC to collaborate with other countries' financial regulators to enhance transparency and fairness globally. This is a crucial step towards rebuilding trust in our financial system. Best regards.