首先，公司在举越来越多的债务，通过私下发行的贷款工具，而不是采用向大众公开发行证券——比如出售股票或者发行债券，这些都可以进行公开的交易。

First, companies are raising more and more capital through privately issued loan instruments, as opposed to public equity-such as selling stocks or issuing bonds, which can be openly traded.

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众筹监管条例应该服务于人，同时由人创造。证券交易委员会起草的一系列规则应该可以被大众所理解和接受。

Regulation Crowdfunding was created for the people and by the people and it is imperative that the SEC crafts a set of rules that will be understood and adopted by the masses.

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Public securities are securities that the SEC will accept as suitable for the general public and private securities are securities that have not been vetted by the SEC for the general public.

公共券商是指那些经证交会审核通过,适于面向大众经营证券买卖的证券公司,而私募券商是指那些未经,证交会审查,面向大众的证券公司

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