A delegation from the Crowdfunding Leadership Group is going to meet with a team from the SEC on Friday. As founding members of the Leadership Group we are glad to see the group taking swift action to engage with the SEC. This is an exciting first meeting and it will allow us to begin building rapport with the SEC and clarifying the crowdfunding industry’s position on the crowdfunding portion of the JOBS Act. The Leadership Group has a number of folks with strong backgrounds in securities law and we are optimistic about the groups’ ability to advocate for keeping the best parts of equity crowdfunding intact.
The Leadership Group has also created the framework for a broadly inclusive industry association. As there are two camps that sprang up quickly to create crowdfunding industry associations, negotiations are underway to create a single unified association to represent the industry’s interests. These discussions are all focused on making sure the SEC knows who to talk to for the official industry stance and to make sure the SEC doesn’t over-regulate equity crowdfunding.
Crowdfunding regulation took center stage at the Crowdfunding Conference in New York City on April 19th. Launcht took the opportunity at the conference to point out the possibility offered by hyper-local and niche crowdfunding platforms. It is wonderful to see entire conferences dedicated to crowdfunding now. A year and a half ago when we got started, it was hard to get a handful of people together to discuss crowdfunding. Now, we’ve got hundreds in the room and thousands paying attention.