So I don't expect people who have not been paying attention to understand this, but the JOBS Act has not yet gone into effect for Regulation Crowdfunding under Title III -- and it has indeed been YEARS since the deadline for enacting this new rule came and went. The SEC was supposed to have enacted Regulation Crowdfunding by the Fourth of July in 2012.
The SEC was ready to enact a Rule in 2012 but the former Chair, Mary Schapiro, refused to do so and resigned in protest, saying that she did not want her legacy to be tarnished. She was very clear that she believed that Regulation Crowdfunding would result in harm to investors. See:
This new proposed law, the possibility of a "Micro Offering" exemption as proposed by Representative Tom Emmer, would dramatically increase the number of potential customers for my products and services created by Public Startup Company, Inc.
Continue to disparage me all you want, but I'm not talking about yet another new scheme through which to defraud people -- I'm saying that to the extent that Title III of the JOBS Act may not attract a large number of issuers to participate in crowdfunding portals, it is very clear to me that a large number of issuers WOULD make use of the new "Micro Offering" mechanism. It would allow EVERY company to participate in cyber finance by offering securities for new initiatives with backers who are members of the general public.
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