Subject: File No. S7-25-06
From: William T. Spiropoulos
Affiliation: President CEO Corestates Capital Advisors, LLC

January 26, 2007

I think that the United States Securities Exchange Commission should mandate that all hedge funds register with them. I think that Mr. Roel Campos' idea is excellent Why punish an entire industry for the problems of a select few? His carrot and stick approach makes good sense. Let Americans of all financial means have access to the talent brainpower in our dopmestic hedge fund industry, not just the "rich". If I have been provided financial information that was forthright and truthful, I should have the final say on how I invest my own money. Our government should keep everyone on a level playing field and ruthlessly prosecute cheats and criminals while not taking away our freedom of choice. The American public is pretty smart and deserves more liberty not less. Studies have shown that alternative investments can greatly reduce portfolio volatility because of the low correlation to traditional assets, so if used properly can be an enhancement for investors of all sizes.