Connecticut Weighing Equity Crowdfunding Exemption, Legislature Orders New Report

hartfordA telling quote coming from Hartford Business recently that supports our postulation that intrastate crowdfunding is creating interstate competition

“To be honest, I don’t understand what crowdfunding really is,” said State Sen. Gary LeBeau, an East Hartford Democrat who co-chairs the Commerce Committee. “I just know it’s a source of funds. Other states are doing it. And if they are, why can’t we?”

The State of Connecticut has passed a bill ordering the state’s Banking Department to perform a study and weigh the pros and cons of crowdfunding in possible preparation for future legislation creating an intrastate exemption.

The report would be completed by January of 2015 and would serve as important information for lawmakers in 2015’s session as they consider whether to craft a bill. If Connecticut were to draft and pass legislation creating such an exemption, the state would join an increasingly long list of states to undertake similar efforts. In just this week alone Washington and Indiana joined that list.

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