Subject: File No. S7-25-19
From: Bhavin Shah

June 30, 2020

I would like to know if the SEC has considered eliminating barriers to private market investing altogether. It is highly unfair and discriminatory to set income/wealth limits as well as educational tests to judge if Americans are capable of making a private market investment. Nowadays, it is very possible to educate onself on the financial system online without a qualification to prove it. This "accredited investor" requirement is antiquated for a time where fewer people understood financial markets.

Individuals should be allowed to make an investment decision and accept the risks that come with private equity. At most the SEC should require disclosure of risk but after that, Americans have the RIGHT to take a risk and lose their money if it so happens to be a bad investment.

I also might add that the current rules are discriminatory to black and brown families in America who may have financial savvy but not the net worth / income to qualify. These rules are primarily benefiting white investors who, due to historic discrimination, have on average 10x the net worth of black households.

More and more dynamic companies are choosing to stay private and it is important that all Americans get an opportunity to invest in their country's future.

I hope the SEC seriously considers eliminating the barriers to private equity markets. If not completely, please start with the financial net worth and income requirements (which are illogical) and, if a qualification is absolutely necessary, a free one that all Americans can easily access. Another proposal would be to allow funds/syndicates led by "accredited investors" to raise funds from non-accredited investors for the purposes of investing in private markets.