October 25, 2013
Dear whomever it may concern at SEC and elsewhere,
I strongly disagree with the proposal to regulate crowd funding for several reasons.
1. It limits the amount that can be raised, which defeats the purpose of crowd funding - which is primarily to avoid having to get funding from corporations.
2. It does not fix the real issue, which is FRAUD. I would accept a proposal from SEC that would deal with the fraud aspect - However, this would be tricky - sometimes projects fail and nobody gets what they paid to the crowdfunding (which is an inherent risk comparable to investing in a startup that may fail). There should be a manner in which people may seek to get their money back if there is neglible work/progress being made on the idea that was funded.In short, I think that crowdfunding shouldn't be regulated, or if it is, only from a fraud aspect through a court of law through class actions. Thank you