Change Crowdfunding Law

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= "Change Crowdfunding Law= is a campaign for an SEC regulatory exemption covering public securities offerings with individual investment capped at $100, and the people who love them".

URL = http://crowdfundinglaw.com/

Description

Sherwood Neiss:

"We will democratize the world of investments where Crowd Fund Investing will be available to everyone. Wall Street banks, private equity and venture capital fund just 2.7% of all entrepreneurs. We believe there are more entrepreneurs that can be successful if given the opportunity and capital they need. Let’s enable the crowd to determine, with their intellect and skeptical eyes, which entrepreneurs and ideas they should rally around in their community and who is worthy of funding. The future of what we are presenting will be a crowd-vetted launch pad for innovation and ideas that the crowd not only backs with money, but with shared experience, knowledge and marketing power. We are confident that the successes that come out of Crowd Fund Investing will be winning companies that create thousands of tax paying jobs and spur economic spending -- addressing our nation's two biggest concerns: jobs and debt. By enabling this vision with commonsense modifications to existing regulations, the SEC can play a vital role in our economic recovery." (http://crowdfundinglaw.posterous.com/woodie-neiss-campaign-update-and-conference)


Status

1. Sherwood Neiss, June 1, 2011

History in the Making – Crowd Fund Investing on the Verge of Becoming Legal

Dear Crowd Fund Investor Supporter,

After 3 weeks of intense work on "making crowd fund investing" legal while traversing the country twice between Miami, Washington, DC and San Francisco, I wanted to give you a progress report instead of replying to each of your requests.

Our Beginnings:

First, I just want to say that what started out with 3 entrepreneurs and one Small Business advocate (none of this could have happened without the passion of my cohorts Jason Best, Zak Cassady-Dorion & Karen Kerrigan) trying to address the “funding gap” for small businesses and entrepreneurs, has blossomed into an amazing crowd-backed initiative that can now count the likes of Congressmen, major entertainers, Washington insiders, SEC lawyers, securities experts, crowd funding authors, finance and social science professors, leaders in the crowd funding space, small and large entrepreneurs and thousands of supporters. Responding to the daily emails of people asking how they can help has become a full time job itself.

Like any good entrepreneurial endeavor we went from an idea to hyper-growth in less than 5 months. Like most startups that lack funding, all this has been accomplished by goodwill, hard work, and a passion for change. From a discussion at the dining table to a Congressional Hearing; from 3 people to well over 2,000 active participants on our website, blog, twitter and petition. We've heard from the naysayers, whom we believe are some of the best contributors out there because they force us to refine our approach and address our two major obstacles; fraud and investor protection. And like any entrepreneur, we optimistically push forward and don't rest until we can prove to the SEC and all the naysayers that our framework for Crowd Fund Investing can work within the spirit of the law, has a risk profile on par with similar classes of investments and solves the problem of getting capital flowing to entrepreneurs." (http://crowdfundinglaw.posterous.com/woodie-neiss-campaign-update-and-conference)


2.

"Crowdfunding guru Kevin Lawton believes that we would all benefit from the creation of an international authority that sets and enforces best practices for crowdfunding, and works to coordinate crowdfunding policy across countries. This is why he created the forward-looking LinkedIn group International Organization of CrowdFunding Commissions (IOCFC)." (http://crowdfundinglaw.posterous.com/international-cf-petition-cf-book)


More Information

  • Listed as SEC File No. 4-605, "Request for rulemaking to exempt securities offerings up to $100,000 with $100 maximum per investor from registration," this document calls for a decentralizing reformation of investment opportunity.

URL = http://www.sec.gov/rules/petitions/2010/petn4-605.pdf


See also:

  1. website: http://www.startupexemption.com
  2. Congressional Testimony from May 10th: http://scr.bi/izF4ib
  3. SEC FAQ Equity Crowdfunding