The Securities and Exchange Commission (SEC) and the Small Business Capital Formation Advisory Committee (SBCFAC) will review Regulation Crowdfunding (Reg CF) and modernize initial public offerings (IPOs). Under the leadership of Chairman Paul Atkins, the Commission has long expressed its intent to adhere to its mission of enabling access to capital while improving the public securities ecosystem.
The SBCFAC states it will explore improvements to Reg CF. This includes existing regulations, successes to date, and potential policy changes to Reg CF that could improve the exemption.
Speakers currently on the agenda include:
- Brian Belley, Chief Technology Officer at Kingscrowd
- Sherwood Neiss, Principal, Crowdfund Capital Advisors
- Nicholas Tommarello, Founder & CEO of Wefunder
Recently, there has been a push to raise the funding cap from $5 million to a more usable $20 million. Other shortcomings in the current exemption will certainly be addressed.
Regarding IPOs, the Committee will discuss how to encourage more small companies to go public. Today, fewer companies are publicly traded than at the beginning of the century. This is largely due to the cost of becoming a reporting firm. This is compounded by the fact that a vast amount of private capital wants to invest in a promising firm before it goes public. The loser in all of this is the smaller investor who typically gets cut out of much of the capital gain created before a public listing.
The session will take place on October 27, 2026, and commence at 10 AM. The meeting will be livestreamed on the SEC website.