The SEC has, at long last, issued its proposed rules on crowdfunding as mandated by the JOBS Act. It is a massive, 585-page behemoth. If you’re pressed for time, here is the SEC’s press release with a handy fact sheet.
I wrote about the SEC and crowdfunding a few weeks ago, noting the SEC’s apparent hostility to the concept and the paternalistic attitude toward non-accredited investors underlying it. Now we have the proposal, and the SEC has apparently held its nose and essentially proposed the framework as contemplated by the JOBS Act. Nothing is final until the SEC receives comments and issues a final rules release, but it appears that crowdfunding will get its chance to prove the doubters right or wrong.