Recently Discovered: NASAA Advisory on Crowdfunding

A. Heath Abshure NASAA PresidentFile this under recently discovered.  The North American Securities Administrators Association (NASAA) has published a document inquiring; Are You An Informed Investor?  Crowdfunding.  It would appear the NASAA is not a fan of the Jobs Act – at least certain segments of it.

Certainly a benign title and yes, as we all are quite aware, investments have varying degrees of associated risk.  The document quickly points out that crowdfunding is not legal until the SEC sorts a few things out but admonishes readers as to “Why Investors Must be Extremely Cautious About Crowdfunding.”

Some of the points are tenuous in declaring;

Crowdfunding investments are mostly illiquid and investors must be prepared to hold their investments indefinitely. It also may be difficult or impossible to resell these securities due to the lack of a secondary market. 
But wait – crowdfunding is not quite legal yet.  The document quite correctly  pointed this fact out previously.  So yes without any crowdfunding their is no liquidity for it.
There is another advisory for Small Businesses.  You may review that document here.
Please draw your own conclusions as we are sharing the document below.

[scribd id=120086967 key=key-2axidbcoo1kdhb3vupta mode=scroll]



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Disclosure Quest

Reg A - Form 1-A Filings Beta

Beta. Initial Form 1-A only. Target raise is the stated Amount to be Raised, totaled. Compared with the same dates one year earlier.

YTD: Jan 1, 2026 - Oct 21, 2026 vs Jan 1, 2025 - Oct 21, 2025

Share this graph
Number of Filings130Prior 125 +4.0%
Target Raise, Total$3.37BPrior $3.54B -4.7%
This YTDYear priorChange
Filings 130 125 +4.0%
Target raise $3.37B $3.54B -4.7%

Sponsored by the Crowded Media Group the leading digital news service covering the global Fintech Industry, including digital assets, crowdfunding, tokenization, and other innovations in capital markets. email us @CrowdfundInside

Source: DisclosureQuest. Initial Form 1-A only.

Created by Crowded Media Group

This display counts initial Form 1-A filings only. It does not represent subsequent filings, including Form 1-A/A amendments or Form 1-A POS post-qualification updates filed by the issuer. Amounts are the stated Amount to be Raised on the initial filing, not capital raised and not amounts revised in later filings.

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