August 28, 2013
As a serial entrepreneur and now as an active angel investor, I have been and continue to be intimately involved on a day-to-day basis with raising capital and investing in high-growth small businesses. Rule 506, while conceptually is a good thing, would have a severe negative impact on our innovation economy by requiring issuers to "take reasonable steps to verify" all purchasers are accredited. Furthermore, the new rules for Reg D and Form D would impose tremendous burdens on startups.
I respectfully request that the SEC withdraw the aformentioned rules and establish an avenue for investors to continue to support these businesses that will ultimately have a positive impact on our economy.