Subject: File No. S7-05-20
From: Aaron Koral
Affiliation: Mr.

March 8, 2020

To whom it may concern:

I am a non-accredited investor who has invested in companies' securities offerings on crowdfunding platforms such as StartEngine and SeedInvest. I applaud the SEC and their staff for revising the investment limits in crowdfunded offerings to non-accredited investors like myself. As more non-accredited investors have capital to invest in the growing companies of tomorrow, the greater the economic benefit will be to young entrepreneurs seeking funds to grow their new businesses.

I also welcome the SEC strengthening the protections for non-accredited investors in both Regulation A and Regulation Crowdfunding offerings. Strengthening these protections will give investors greater confidence in funding private offerings from the owners of small, growing businesses. I hope the SEC will continue to review and revise the frameworks behind the Securities Act of 1933 that directly reflect the recent challenges in capital formation today for small, growing businesses across the U.S.

Thank you for reading my comment letter.


Aaron Koral