Subject: File No. S7-09-13
From: Louise Luster, Ms

October 31, 2013

I agree with everything the SEC is putting forth, but I strongly disagree with the proposition that, if your goal in the crowd funding campaign is not reached, you receive nothing. Kickstarter operates that way and I won't use them. Other platforms allow you to keep what you've raised. If you're trying to raise $10K to retain an attorney for your project, and you only raise $9K, that's $9K toward your financial goal. With Kickstarter and the SEC's proposal, you just spent 60 or more days of your precious time working hard to run your campaign and, by falling short, you have absolutely nothing to show for it.

I was very excited reading what the SEC is proposing until I arrived at the very last part about forfeiture. While the other sites that allow you to keep what you've raised normally charge a higher fee, what remains is still more than what you had when you started your campaign.

I hope you receive many comments similar to mine and that the SEC's proposed all-or-nothing restriction will not be included in their final decision.