They missed the deadline. We knew they would. They knew the deadline was coming for months and months but they did nothing but offer platitudes. They knew what the stakes were for a fragile recovery. They placed another self-inflicted wound on the economy anyhow. It turns out that at the highest levels they thought only of their own personal gain and their perceived “reputations.” They cowered in fear of fringe minority groups who were vocal in their fear mongering. Very little time seems to have been spent on actually doing their jobs and filling their role in the decisions already made regarding the needs of the economy and job creation. They seem absolutely incompetent and not up to the task.
No, I’m not talking about Congress and the fiscal cliff–I am talking about the SEC. Just like the Fiscal Cliff, the deadline passed for rule making under Title III of the Jobs Act on December 31. Nothing has happened–not even on the Rule 506 changes that had a July 4 deadline. Unlike the Fiscal Cliff, there was no suspense remaining that the SEC would meet the deadline. After all, I predicted this back in May despite what was being said by the SEC at the time. By year end, even the SEC was admitting the obvious. At this stage, no one can reasonably predict when investment crowdfunding will be legal in the U.S. or whether what emerges will even make sense for either issuers or portals. No detail is offered, no transparency is given.