Accredited Investor Crowdfunding: We Begin

Last Wednesday I was fortunate enough to be invited by the Denver Metro Chamber to have lunch with Commissioner Daniel Gallagher, one of the five commissioners who sits atop the SEC in Washington, D.C.

Commissioner Gallagher has been an outspoken critic of many things, including Dodd-Frank and the affect it's having on small community banks and on banking in general, as well as the onerous nature in which, and the inordinate delay with which, the Commission is proceeding to create regulations fully implementing Title II, Title III and Title IV of the JOBS Act.

One very important piece of information that Commissioner Gallagher imparted during the luncheon meeting was the sense that the Commission may decide, after all, to drop the proposed changes to Form D that have so upset both the angel and venture capital communities. With that said, it's time for us to start moving forward and getting our members teed up to do accredited investor crowdfunding under Title II of the JOBS Act. This we can do right now despite the fact that rest of the JOBS Act (both Title III, non-accredited investor crowdfunding and Title IV, Regulation A+) still needs to be finalized.

Accordingly, at our January meeting we will begin educating the group on the specifics of how to successfully launch a Title II accredited investor crowdfunding. With over $18 billion dollars of new deals under Title II done through September 22nd of this year, and given the tremendous opportunity this represents for our members, it's time to move forward.

Hope to see all of you who are interested in investment-based crowdfunding at this next meetup.

Ray