Crowdfunding Industry Leaders and Small Business Advocates Push for Swift SEC Action on JOBS Act Rules
By SBE Council at 19 February, 2013, 9:44 am
Advocates of equity-based Crowdfunding and leaders in the small business community will lead an all-day event today in Washington D.C. to meet with policymakers and officials on Capitol Hill, the SEC and the White House. Event participants, which feature among the most prominent small business and venture capital leaders in the country, will push for immediate action to make equity- and debt-based Crowdfunding a reality in the U.S. Speakers at a press conference at the National Press Club will provide an in-depth review of the state of the equity Crowdfunding movement in the U.S. and globally. The event was organized to urge for action on the promises made in last year’s JOBS Act to business owners and everyday investors.
Leaders within the Crowdfunding Professional Association (CfPA) will present their thoughts to the media, policymakers on Capitol Hill, and the SEC and White House officials in the afternoon. The association is the preeminent organization in the equity Crowdfunding field whose members are working to foster a collaborative environment with regulators and industry stakeholders.
“The capital needs of entrepreneurs remain just as critical as when the JOBS Act was signed last April,” said Karen Kerrigan, president and CEO of the Small Business & Entrepreneurship Council, who is hosting the gathering. “Now the SEC must take the next step and finalize its rulemakings so the JOBS Act can fulfill its promise of helping to fund promising businesses, and bring the economy back to robust levels of growth and job creation.”
Since the approval of the Jump Start Our Businesses Startups Act (JOBS Act) nearly a year ago on April 5, 2012, the SEC has missed important deadlines in issuing rules that will govern equity- and debt-based Crowdfunding. Event participants will outline Crowdfunding success stories and the global advancement of equity-based Crowdfunding and stress the remaining challenges entrepreneurs and even existing small businesses still face in securing capital to regulators and officials.
“In the 320 days since the President signed the JOBS Act into law, a vibrant Crowdfunding industry has formed to live up to the promise of Title III – access to capital with prudent investor protections. We hope the demonstration of this robust trade association will give the SEC the confidence it needs to release the proposed rules so America’s job creators can get the capital they need to innovate and grow,” said Sherwood Neiss, principal of Crowdfund Capital Advisors.
“It is an honor and privilege to be part of such a passionate and innovative group of individuals who are all committed to creating awareness, education and effecting positive change that will enable capital formation to flow to our job creators while offering investor protections,” said speaker Vincent R. Molinari, CEO of GATE Technologies, LLC.
An outline of the full press conference agenda and list of speakers is available online here.
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