4 ms·
No, no it does not. How is this headline still up? It's totally inaccurate. Equity crowdfunding from unaccredited investors was provided for in the JOBS Act. Th
by mapgrep 12y ago
No, no it does not. How is this headline still up? It's totally inaccurate. Equity crowdfunding from unaccredited investors was provided for in the JOBS Act. The SEC doesn't get to set the law, Congress does.
What the SEC has been doing has been figuring out rules for how this law will be implemented. NOT allowing equity crowdfunding was never an option.
Here is the SEC headline: "SEC Adopts Rules to Facilitate Smaller Companies’ Access to Capital"
That is accurate.
Here is the fourth sentence of the press release:
"The rules are mandated by Title IV of the Jumpstart Our Business Startups (JOBS) Act. "
It's really embarrassing this has been up on Hacker News so long and not fixed (or commented on? wow).
- clavalle 12y agoI think anyone interested would already know all of that. Without the SEC rules crowdfunding is in stasis. With rules things can move forward. I don't think anyone thinks the SEC is affecting the existence of crowdfunding beyond that. Accuracy of language is important but so is context.
- mapgrep 12y agoIt is simply inaccurate to say SEC "approved" crowdfunding. It is outright wrong. Saying that "anyone interested" would know the truth doesn't change that. "With rules things can move forward. " The SEC is legally REQUIRED to issue rules.