Subject: File No. S7-06-13
From: Bill Houston

August 6, 2013

I have invested in more than thirty early-stage companies as an angel, and more than a dozen later stage private companies. I would be very hesitant to invest in new companies if the new qualified investor requirements go into force.
I worry that these revisions and the confusing requirements for crowd-funded deals would have a chilling effect like Sarbanes Oxley had on early-stage IPOs.