The U.S. Chamber of Commerce is the world’s largest business organization representing the interests of more than 3 million businesses of all sizes, sectors, and regions. The organization’s members range from mom-and-pop shops and local chambers to large corporations. The group is really global in nature, just like business, having representative offices around the globe.
It should come as no surprise that the US Chamber submitted a comment letter on European crowdfunding this past December. Published alongside the results of the European Financial Roadmap, the US based group takes a position on crowdfunding in Europe.
The letter, signed by Gary Litman, Vice President International Strategic Initiatives, and Tom Quaadman, Vice President Center for Capital Markets Competitiveness, states;
“the Chamber has supported the use of crowdfunding, as authorized in the Jumpstart Our Business Startups Act (“JOBS Act”), as a new and innovative way for emerging growth companies to have access to new portals of capital allowing them to flourish and thrive in harsh economic conditions.”
Litman and Quaadman continue with;
“We support the efforts of the European Commission (“EC”) to embrace similar measures to authorize crowdfunding. EC authorization of Crowdfunding will help institute consistency between the European Union and American capital markets, while making global financial markets more robust and efficient.”
The comment letter goes on to ask for investor protection, transparency and oversight & monitoring.
The letter in its entirety is embedded below:
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