Lessons from the SEC no-action letters issued to FundersClub and AngelList

Sorry for the late post this morning. I wanted to wait until I could link to a new post just published exclusively on Crowdsourcing.org, What the SEC letters to FundersClub and AngelList mean for investment crowdfunding.

Green zonePlease check it out. We'll keep referring to the two no-action letters, both here and in my weekly column on VC Experts, as we continue to grapple with angel platforms and the JOBS Act; but today's post on Crowdsourcing.org represents my first, comprehensive assessment, in tandem, of these two very important statements from the SEC about what kind of business models can work in accredited crowdfunding.

Today's picture is of a "green zone," to go with the central metaphor of the piece in Crowdsourcing.org. "These letters from SEC staff establish a green zone of legal calm in the ever escalating drama that is online startup investing."

See also this important summary on the K&L Gates law firm site, written by the attorney, Rob Rosenblum, who represented AngelList in connection with its no-action letter.

Photo: Uli Harder / Flickr.

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