Subject: File No. S7-05-20
From: Miguel P Costa

March 22, 2020

For my last opinion on this proposed rule, I want to thank the end of SAFEs -as every and any investor should always have equity on the startup from the start and not wait for a specific event that might never come.
Also, with the most recent change to the lives of everyone in the world, due to COVID-19, I think that startups will be looking even more for funding. As such, I strongly believe that just having the limit of investment for non-accredited investors at $11000 for any given 12month period, without any other criteria, would greatly help non-accredited investors to potentially invest in more companies, set themselves for greater gains in the future, and help at the same time those startups.

I hope that you take in consideration my opinion,

Best regards,
Miguel Costa