I'm actually working on a crowdfunding for equity site that we're going to be launching here in the next couple of weeks. I had the opportunity to read the bill

I'm actually working on a crowdfunding for equity site that we're going to be launching here in the next couple of weeks. I had the opportunity to read the bill and it stipulates that those of us acting as crowdfunding intermediaries be either broker dealers or this new class of financial institution called a "funding portal" From here on this is pure speculation. Basically, the gist that I've gotten from the various SEC officials making comments on the bill is that a funding portal is going to a be very loosely regulated compared to other financial intermediaries. Mostly funding portals will exist as a way for the SEC to keep tabs on us to prevent fraud, and to make sure we're meeting all our various reporting requirements to the Federal and State level governments. Again, all of this is speculation based off of the various committee hearings, and comments from SEC higher ups regarding the crowdfunding bill. Edit: I also should have included that the SEC is using "funding portal" as a way of limiting the scope of our activities. It prevents us from doing things like actually performing the money management functions etc.