The fault lies not in our agencies, but in our Congresses

I sympathize with the sentiment in this tweet from SeedInvest, but the critique is misguided.

There's nothing the SEC can do to make non-accredited crowdfunding under Title III of the JOBS Act cost-efficient.

The essential problem is that Congress wrote a mini-registration law, rather than authorizing the agency to craft a crowdfunding exemption.

Various states are working on crowdfunding exemptions. In my judgment, those are the arenas in which non-accredited crowdfunding advocates should occupy themselves.

The fault lies not in our agencies, but in our Congresses

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