It's hard to tell whether this will be a net benefit in practice. On the one hand, more efficiency and liquidity in small investment projects is probably good.

It's hard to tell whether this will be a net benefit in practice. On the one hand, more efficiency and liquidity in small investment projects is probably good. But I also see two big opportunities for abuse: One risk would be combining this with 506c offerings (allowing general solicitation) to create a proliferation of very low quality syndications (I've already seen many ads on Facebook for this sort of thing) that are effectively glamorous but money losing opportunities. A second risk is that a lot of investors won't be over the 'legal help' threshold -- basically they won't be investing an amount where it makes sense to hire a lawyer to actually review the contract. This could potentially lead to abuse as well.