FORTUNE — It’s been exactly one year since President Obama signed the JOBS Act into law. After passing with flying colors in the House and Senate, the President called the new legislation a “potential game changer” for its ability to alter the fundraising landscape for both startups and small businesses. Of the law’s many facets, the section pertaining to crowdfunding has gotten the most attention from both legislators and media. But after 12 months of waiting, crowdfunding proponents have had little to cheer. The crowdfunding element of the law continues to sit in legislative limbo.
The JOBS Act will allow ordinary investors the opportunity to invest in small or early stage startups in exchange for company equity. Currently, only individuals who meet certain wealth or income requirements are allowed to invest in private companies in exchange for ownership. Crowdfunding platforms have so far survived on a perks and gifts model meaning donors are rewarded with small gifts or products, but not stock. The Securities and Exchange Commission has been tasked with creating the rules surrounding the proposed new form of equity-based crowdfunding, but a January 1 deadline established by President Obama has come and gone without any word from the SEC.
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