Subject: File No. S7-06-13
From: Douglas K Levin
Affiliation: CEO Cheqbook LLC, Managing Partner Levin Hu CPAs LLP, CPA, Entrepreneur

July 28, 2013

Chairman, members, please what you have done with these proposed regulations is entirely contrary to the intentions and spirit of the law change. These regulations should have recognized the mandate you received from Congress and relaxed the burdensome requirements to raise money for startups. Instead you've co-opted this mandate into even more egregious regulations. You should be ashamed of yourselves for shattering the hopes of our entrepreneurial national culture.

While I agree you have an equally compelling mandate to protect investors from unscrupulous solicitations, the instructions Congress provided called for a modest relaxation of that goal given the historical effect stringent regulations had on our startup eco-system. Even if you disagree with Congress, you have at least an ethical and perhaps a legal obligation to follow their intent.

Let your concerns guide you towards more relaxed standards, not more stringent. It will be another generation before such sweeping changes will occur again, embrace these please. Those who follow will thank you and learn from this revised approach.