One Philadelphia Attorney’s perspective:
New Year’s Eve of 2012 came and went this year as it does every year. Some partied. Some slept. But for those of us who are paying attention to the world of equity crowdfunding, Dec. 31, 2012 was supposed to be a day of reckoning. But it wasn’t.
President Barack Obama signed the JOBS (Jumpstart Our Business Startups) Act on April 5, 2012. The legislation required the SEC to issue final regulations regarding the crowdfunding portion of the JOBS Act within 270 days of the law’s enactment — by Dec. 31, 2012. The SEC missed this deadline and isn’t even close to issuing those final regulations. Without them, equity crowdfunding remains illegal.
Michael Harrington is an attorney with Fox Rothschild’s Tech/Venture and Securities practice groups.
It’s not a surprise that the SEC missed its deadline.
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