The U.S Securities and Exchange Commission (SEC) is currently examining its current rules which states that private companies cannot access public investors beyond individual investments of $100. Should this rule be formalized, it can affect the legal ramifications for crowd-funding activity and minimize the usage of the platforms as alternative investment resources for entrepreneurs.
They are currently exploring the relevancy of this issue by forming an advisory panel of fast-growing companies and VCs who will advise on issues including capital raising, trading and reporting. Sherwood Neiss of Start Up Exemption who insists that 1.5 million new jobs in the next five years can result from the benefits of crowd-funding is amidst the parties invited to join. In light of the White House's recent announcement on the America Jobs Act (including the role of crowd-funding as a central force in the Start Up America initiative), we're positive the SEC will design the appropriate rules for this space.
via Reuters
Note: Paul Spinrad launched a campaign called Changing Crowdfunding Law two years on IndieGoGo aimed to raise funds to afford the legal fees to lobby against this possibility.
Just as I was thinking that I could cheer on some of our fellow Crowd Sourcing Campaigners, this posting comes up with an obvious choice for one of my very first donations.
http://www.indiegogo.com/Change-Crowdfunding-Law
As I don’t understand the issue, yet, it is useful for us to have someone watching at least. Good quality regulation has often, or always, brought fierce complaints; followed by even better business as trust develops. Lets see what we can all manage with this one?
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