Subject: File No. S7-25-06
From: Scott Haddad

January 29, 2007

I appreciate the intent of your rules to protect investors. However the US has a long tradition of caveat emptor in virtually all industries, please do not impede investment opportunities or hurt smaller Hedge Fund entrepreneurs with newly designed rules. There should be another way to minimize fraud, maximize investor access to fund management, and encourage American small business owners driving the innovation keeping us in the forefront of the global financial industry.