Securities laws are antiquated, rooted in the paper-and-ink world. This makes it difficult to do anything online, but not impossible. So why hasn't it happened?

Securities laws are antiquated, rooted in the paper-and-ink world. This makes it difficult to do anything online, but not impossible. So why hasn't it happened? My guess is that it is the companies that are not eager to participate. They are shy about widely disseminating their business plans, their financials, their cap tables, their need for capital. So even though it seems madly inefficient to raise money the old fashioned way, knocking on one door at a time, and even though eventually "everyone" knows everything (so it's hardly secret), I suspect this company shyness explains the odd persistence of that old model.