The following Letter Type A, or variations thereof, was submitted by individuals or entities.

Letter Type A:

As an investor in [State], I write in support of the Commission's Registered Offering Reform proposal and respectfully urge the Commission to finalize it. I particularly support the provision removing duplicative state registration for offerings the SEC has already reviewed and cleared. 

This provision would establish parity across the public markets. I can buy a listed stock, an exchange-traded fund, or a mutual fund with no added hurdle. But a fully public, SEC-registered non-listed REIT or BDC subject to the same federal disclosure and oversight must separately register in every state before I can access it. Almost nothing else in the public markets works this way. 

That second layer of review adds no protection I do not already have. It does, however, add cost and delay. State reviews can stretch on for months, states routinely reopen documents the SEC has already reviewed and even filings the same state approved the year before, or for numerous years running and registrations must be renewed in every state, every year. None of this gives investors anything we do not already receive from full SEC registration. What it does is add cost, and those costs are passed along to investors. 

The consequence is what concerns me most. This friction is slowing large, reputable, and well-established managers from bringing these products to the public markets at all. Many are weighing whether to move their existing products to the private markets, and new products are being launched privately from the start available only to accredited investors. When that happens, the 87.4% of Americans who are not accredited lose access entirely, and the public markets lose products that should be available to everyone.* 

For these reasons, I urge the Commission to finalize this proposal. It would eliminate needless cost and delay, encourage established managers to bring innovative products to the public markets, and preserve fair access for all investors. Thank you for considering my comments. 

*12.6% of Americans qualify as accredited. SEC Staff Bulletin: Exploring Accredited Investors and Private Market Securities Ownership. June 2025. https://www.sec.gov/files/exploring-accredited-investors-june-2025.pdf.