Sep. 23, 2026
To Whom it Concerns Dear Secretary Countryman: I am writing on behalf of The Aebli Group in response to File No. 4-914 regarding the Regulation Crowdfunding offering limit. The Aebli Group works directly with companies using Regulation Crowdfunding to raise capital and communicate with prospective investors. Our work includes investor education, campaign communications, digital engagement, content development, and ongoing investor outreach. Our experience gives us a practical view of how Regulation Crowdfunding functions once an offering reaches the market. We support increasing the annual Reg CF offering limit from $5 million to $20 million. The current $5 million limit can create an artificial stopping point for companies that have demonstrated meaningful investor demand. This is particularly relevant for companies developing capital-intensive technologies, including medical technology, aerospace, advanced manufacturing, energy, and other regulated industries. For these companies, $5 million can represent an important financing milestone without providing enough capital to reach commercialization, manufacturing, regulatory, or growth objectives. We have also seen another important benefit of Regulation Crowdfunding: it creates a direct relationship between companies and the people interested in their success. Investors become part of the company's community. They follow company milestones, participate in investor events, ask questions, share company updates, and often remain engaged well beyond their initial investment. When a successful issuer reaches the Reg CF limit, continuing its capital strategy may require moving to another securities exemption. That transition can change who can participate and disrupt an investor community the company has spent significant time building. Increasing the limit would give qualifying companies additional room to raise capital while continuing to operate within the Reg CF framework, including its disclosure requirements, registered intermediary structure, investor limits, and other investor protections. We believe investor protection and expanded capital formation can coexist. From our experience working directly with issuers and their investor communities, a higher offering limit could provide growing companies with greater capital flexibility while allowing individual investors to continue participating in their growth. We therefore support the Commission's consideration of increasing the Regulation Crowdfunding offering limit to $20 million and establishing an appropriate mechanism for future inflation adjustments. Thank you for considering our perspective and the practical experiences of companies operating within the Regulation Crowdfunding ecosystem. -- Kind Regards Justin Starbird - CEO, President, The Aebli Group BOOK TIME Auburn, Maine 04210