Crowdfunding Industry Leaders Take To Washington To Speed Adoption

SEC Small Business Capital Formation 2012After today’s press conference at the National Press Club one thing is clear. Crowdfunding industry stakeholders want movement toward implementation of the JOBS Act and they want it soon.

SoMoLend CEO Candace Klein spoke to a concern that tumult in the SEC’s leadership could delay crowdfunding’s implementation past Q4 2013. Vincent Molinari of GATE Technologies urged the SEC to allow a vote on Title II and to begin the public comment period on Title III. In his words, “It’s time we move to action.”

The press conference included Kim Wales, Woodie Neiss, Sara Hanks, Douglas Ellenoff and other industry thought leaders, all of whom shared how they planned to help the crowdfunding industry move forward. A wide array of the industry was represented with participants from the equity and debt sides as well as due diligence companies and VCs.

The SEC and FINRA were thanked for their efforts up to this point, but today stakeholders will visit the White House, the SEC and the Hill to try and expedite crowdfunding’s rule making process. They plan on demoing industry tech and sharing evidence of crowdfunding’s overseas success in an effort to alleviate reservations about implementation in the states.

We’ll have a full wrap-up of today’s meetings tomorrow morning, so be sure to check back.

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