Subject: File No. S7-25-06
From: Jonathan Perlow

January 27, 2007

I disagree with the proposal to raise the minimum net-worth from $1M total assets to $2.5 liquid net-worth. An investor should not be restricted by the government as to what investments should be available to him. This is a violation of our liberties as American citizens. It amounts to an endorsement and subsidy of funds that meet the qualifications to non-accredited investors. Given the amount of information available to investors with modern technology and the Internet, these rules are outdated and dangerous. The SEC should not take any action to make matters worse.


Jon Perlow