Title III Do-OverBy http://profile.typepad.com/1237764140s22740 // May 1, 2014 in Crowdfunding
It is an absolutely glorious, summerlike morning in Seattle.
I'm walking to work, listening to a webcast of a hearing of the House Financial Services Committee, which is considering draft legislation to fix things not working with the JOBS Act (both the text of the original legislation, and the implementation of it).
It's very gratifying to hear Representative Patrick McHenry openly admit that Title III was a failure from the get-go, and that the fault lies with Congress, not the SEC's prospective implementation. (Title II and the rulemaking surrounding new Form D filing requirements is a different story.)
Gratifying, but not surprising. Rep. McHenry made similar statements at the ACA Summit in Washington DC in March of this year.
State securities administrators are going to be heard on the non-accredited crowdfunding issue. Bill Beatty, the state securities administrator for Washington State, should be speaking at this hearing shortly.
With respect all sides, I think my Individual Crowdfunding Account concept may be part of a holistic, national solution.
When I get to a desktop, I will add links to relevant prior posts on that topic, just below.
Update; links on McHenry Do-Over / Individual Crowdfunding Accounts: