Subject: File No. S7-08-19
From: paul arssov

September 10, 2019

Dear Madam or Sir,

These are my comments regarding June 18th, 2019, Securities and Exchange Commission concept release regarding the harmonization of the private exemption framework in the US.

If SEC wants to update regulations specifically concerning crypto-currencies, security/utility tokens and crypto-exchanges please create a separate regulations outside of the current securities laws.

When creating regulations please note that some crypto projects are not businesses, they are created by individuals worldwide, and US laws and regulations are not followed and valid outside of US.

In addition, capital can flow across borders and if a legislation is too restrictive in the US, capital can and will flow to any other friendlier country.

Paul Arssov