Are you kidding? Trashing consumer-level investor protections and destroying state blue sky laws for the very type of offering that is most likely to involve fraud and chicanery? The thing that made America the financial powerhouse of the world was not lack of regulation. Rather, it was the development of useful regulations that enabled would-be investors to trust their precious savings to the potential dangers of the market. By replacing the wild west with a trustworthy system, America enabled the working stiff who did not have time to spend hours every day investigating companies and did not have personal expertise to sort out fraud to feel that he or she had a reasonable chance of being successful in choosing investments based on the disclosure materials. You are now seeking to throw that away with regard to a very important class of investments. You would thereby end up with trillions of potential investor dollars being held back from the terrifying free-for-all of corrupt and rapacious markets designed specifically to part naive working Americans from their family's savings. You do this to benefit criminals, carnie barkers and parasitic financiers who add no value to America's productive capacity. It is hard to think of a more anti-American change proposal. For shame. We are already in the death throes of financier capitalism simply because the relentless, exponential demands of compound interest have been driving an unsustainable Ponzi-scheme economy. We see the effects in such cosmic foolishness as starting wars just to spend borrowed money blowing things up and then more borrowed money building them back again, forcibly enserfing our grandchildren to spend their taxpaying lives paying interest on that debt to the financiers. The parasitic financiers, the group that gets the bulk of their income by sucking away the profit from productive labor rather than through productive labor, constitutes the top 0.1% of our population. That group has income of at least $3,271,387 a year, averaging $10,909,151, and has average assets of $145,199,186. They, one family in 1,000, receive as much income as the bottom 50% of the population combined. If all of America was made up of 1,000 families and collectively received $100 in capital gains, that one family would receive $54.17 while the bottom 500 families taken together would receive $1.89 and the bottom 800 families taken together would receive $4.74. If America collectively earned $100 of interest income, that one family would receive receive $34.20 while the bottom 500 families collectively received only $8.26. If America collectively earned $100 of dividend income, that one family would receive receive $27.54 while the bottom 500 families collectively received only $5.31 and the bottom 800 families received $15.49. The power of compound interest is so great that the financier class must constantly make the economy grow exponentially so that they have enough assets to buy with each year’s growing addition to their wealth. Just from September of 2023 to September of 2024, their assets grew by over $3 trillion dollars, or in other words by over 3,000 billion dollars. Adjusting for inflation and growth in population between 1992 and today, total assets grew by 86.22%, but assets of the top 0.1% grew by 242% while those of the bottom 50% grew by 55%. So, in 1992 the top 1 person in 1,000 had 8% of all assets while the bottom 500 people collectively had 7.9%, while in 2024 the top 1 person had 12.5% while the bottom 500’s share had shrunk to 5.5% (and the next 400 people’s share had shrunk from 37.4% down to 31.8%). If the top 0.1% keep the same 7.3% annual increase in assets they’ve had since 1992, in 2055 they will have $200 trillion, or 11% more assets than all Americans have today. This is creating a crisis in our economy. Through your proposal to coddle fraud, you will be accelerating the day when our economy falls apart. The recent changes exposing working people to ruthless exploitation by the masters of private equity were bad enough, allowing the parasitic financiers to dump their toxic waste on would-be retirees and children's college funds. You now seek to destroy Main Street investor faith in new growth company stock. In so doing you will accelerate the end of our country's era of greatness. Please reconsider if you really want our grandchildren to curse your names and the foul legacy you have left them.