September 20, 2010
These are comments in regards to a petition for rulemaking change. Small businesses (especially now) should be able to access the same fundraising efficiency as large corporations, and small investors should have the same access to investment opportunities as high net worth individuals. I understand that the 1933 and 1934 securities laws were put in place to protect the small investor high-risk investing they didn't understand, but with the onset of the internet - making the accurate tracking of investments efficient and transparent and thus possible - these laws are bit outdated.
Let anyone invest in whatever they'd like, and let any company raise money publicly. Protect the small investor by capping their investment, and hold the company accountable by making their raise public (i.e. on the internet, not behind closed doors).
Hope my two cents helps!
Danae Ringelmann, CFA