Important Updates on Crowdfunding Laws & SEC Rulings
We’ve got some inside scoop for you on crowdfunding laws and the timelines.
As a quick reminder… Congress passed the JOBS Act to much fanfare, and President Obama signed it into law on April 5th. Many people thought that the battle was won and that business crowdfunding was legal.
Well… not exactly.
Business crowdfunding (equity crowdfunding) is what we call “pre-legal.”
The SEC was given a 270 day period to give Rulings on crowdfunding- scheduled for December 31st. Since then, and over the past few weeks in particular, there has been quite a bit in the press about the slow pace with which it appears SEC and FINRA, the two agencies in charge of creating the regulations for the crowdfunding industry, are embracing their Congressional mandate to do so. Continue reading…