… It would be one thing if the SEC were painstakingly crafting rules to prevent fraud and investment bubbles, they add, but instead turnover at the top has kept commissioners sitting on rules that were drafted five months ago and due for release at the end of last year under the terms of the JOBS Act.
“It’s not that we’re bitter as much as we’re frustrated,” says Candace Klein, founder of a crowdfunding startup Somolend and former chairman of Crowdfunding Intermediary Regulatory Advocates, an industry group. “Many of us did raise capital based on that deadline and now we have shareholders we have to answer to to explain why that’s not happening, and that puts us as entrepreneurs in a tough spot.”
“My face is turning blue from holding my breath.”