We would say Thursday is as good a day to legalize crowdfunding as any day, really. Fact is though, we’re more likely to see it get passed on a Tuesday. Next Tuesday to be clear.
Recent conversations with both Democrats and Republicans in the Senate have made clear that a bargain is in the works to compromise on some elements of the JOBS Act from the House and to get some of the clearer safeguards that the Senate wants. Senator Harry Reid has opened the door for a quick vote on the Senate floor by filing for cloture today on the JOBS Act. Senators have been debating the measures of the JOBS Act (crowdfunding included) on the Senate floor all morning.
The state of play generally speaking is that Senate Republicans are in favor of provisions of the JOBS Act that ease some small cap regulations and some Senate Democrats are wary of what they term deregulation and associated risks of potential fraud. In the middle is the new CROWDFUND Act brokered by Senator Merkley’s office (D-OR) and cosponsored with bipartisan support from Senators Brown (R-MA), Bennet (D-CO), Landrieu (D-LA). This element of the JOBS Act has significant bipartisan traction, and may become a bargaining chip in the current round of negotiations.
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