Tagged: david burton

JOBS Act 4.0: Improving the Regulatory Environment for Entrepreneurial Capital Formation

Washington DC the Capital Reflection

Passed with large bipartisan majorities and signed into law by President Obama, the 2012 JOBS Act was a bipartisan achievement of consequence. The JOBS Act substantially improved the laws governing entrepreneurial capital formation and has had a measurable positive impact on entrepreneurial capital formation. But… Read More

Securities and Finance Experts Worry that SEC’s ESG Requirements will Drive Shareholder Returns Lower, Push Prices Higher and Have a Negative Impact on Labor

Monongahela Power Plant

The Securities and Exchange Commission is currently pursuing new rules under the auspices of ESG: Environmental, Social, and Governance. In March of 2022, SEC Chairman Gary Gensler explained they were aiming to require disclosure for firms on issues such as climate impact. He explained: “The… Read More

The Definition of “Exchange” and Regulation ATS: Comments on the Proposed Rule Change by SEC and the Impact to Digital Asset Markets

NYSE Digital Markets Wall Street New York City Decentralize

As was noted last week, this past January the Securities and Exchange Commission (SEC) proposed amendments to the Exchange Act and the definition of an Exchange as well as Regulation ATS (Alternative Trading System). While described in relatively benign terms, the language of the proposed… Read More

JOBS Act 4.0: What Are Some of the Recommendations to Boost Entrepreneurship, Access to Capital?

US Capitol Green Light Go

  Last week, on the anniversary of the JOBS Act of 2012, Republican members of the Senate Banking Committee pitched a new legislative initiative to support entrepreneurship, access to capital, and helping retail investors. The JOBS Act of 2012 legalized online capital formation. The JOBS… Read More

Senate Banking Committee: Republicans Propose JOBS Act 4.0 to Boost Entrepreneurship, Access to Capital, Help Retail Investors

US Capitol Senate Washington DC

The Republicans on the Senate Banking Committee have submitted draft legislation on the 10th Anniversary of the JOBS Act, called JOBS Act 4.0. The JOBS Act of 2012 was the law that created online capital formation or investment crowdfunding. Three exemptions were legalized that enabled… Read More

Securities Expert Concerned that SEC Agenda Could Hobble Capital Formation for Early Stage Firms

Securities and Exchange Commission SEC Stop

Earlier this month, the Securities and Exchange Commission (SEC) shared its regulatory agenda for the next couple of years. The list is quite long and includes many areas of the securities industry. At the top of the list, was the exempt offering ecosystem with the… Read More

Policy Proposal to Boost Economic Growth Includes Online Capital Formation, Digital Assets and More

US Capitol Hill Washington DC

Earlier this year, Senator Pat Toomey, the ranking member of the Senate Banking Committee, issued a call for policy proposals that could boost economic growth. Key policy moves designed to generate more jobs and improve prosperity are always needed – even more so on the… Read More

Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose

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Several months ago, FinCEN submitted for publication in the Federal Register its Notice of Proposed Rulemaking (NPRM) regarding certain transactions that involve virtual currency or digital assets. FinCEN or the Financial Crimes Enforcement Network is a bureau of the US Department of the Treasury that… Read More

On Deck: SEC Small Business Capital Formation Advisory Committee to Tackle Finders Next

Securities and Exchange Commission SEC Interior

The Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee has scheduled a meeting for next week that will include the important topic of “Finders.” Finders are individuals or firms that help to match investors to smaller businesses. On October 7, the SEC… Read More

SEC Proposes Exemption for Finders as it Seeks to Assist Small Businesses in Need of Capital

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A Longstanding Grey Area Today at an open meeting, the Securities and Exchange Commission (SEC) proposed an update to rules pertaining to “Finders” –  individuals or firms that help smaller businesses find investors. The potential change will subject these individuals or firms to reduced regulation… Read More

SEC Schedules Open Meeting on Finders

Investigation Money Inquiry

The Securities and Exchange Commission has scheduled an open meeting on the topic of “finders.” The Commission will consider a conditional exemption from broker registration requirements for individuals to engage in “certain limited activities” on behalf of securities issuers. To quote the Commission: “The Commission… Read More

Who is Against Expanding the Definition of an Accredited Investor?

evan dennis Unsplash Question Forest for the Trees

It should be obvious to most everyone that the current definition of an Accredited Investor not only disenfranchises the vast majority of the population it is not really an effective proxy to evaluate an individual’s ability to assess risk and the opportunity affiliated with private… Read More

SEC Office of the Advocate for Small Business Capital Formation Issues First Report Reviewing Access to Funding for SMEs

Martha Legg Miller November 2019 SEC

The Securities and Exchange Commission (SEC), Office of the Advocate for Small Business Capital Formation, has published its inaugural report on the ability for small businesses in the US to access growth capital. The Advocate is a newly-formed sector of the SEC created by legislation… Read More

SEC’s Concept Release Comment Period Closes. So What Say You on Regulatory Harmonization & Access to Capital?

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The Securities and Exchange Commission (SEC) officially closed comments on its concept release regarding regulatory harmonization of securities offerings exemptions on September 24, 2019. But as in past cases, comments have continued to trickle in and we would not be surprised if more follow. That… Read More

What Does Control of the House by Democrats Mean for Fintech Innovation & Small Business in General?

Washington DC Capitol At Night Red Light

Yesterday, mid-term elections took place in the US and while the Republicans maintained control of the Senate, the House of Representatives moved over to the Democrats. This split government means that an already divisive, and at times excessively acrimonious, political environment will get even more… Read More

Paper: Two Bills in Congress May Fix the Profoundly Flawed Definition of Accredited Investor, but One Bill is Better

Should you be an accredited investor

The current definition of an accredited investor is profoundly flawed and a travesty of rule making. Everyone knows it. As it stands today, an accredited investors must earn at least $200,000 (jointly $300,000) or have a net worth of $1 million beyond a primary residence…. Read More

Finders Bill: Legislation in Congress May Help Small Firms Raise Capital and this Paper Explains Why

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Small businesses in the US, and just about every other country, are the life blood of the economy where they operate. This is a fact. Providing access to capital to smaller firms is thus a vital need to drive economic growth, create jobs, and enable… Read More

Congressional Hearing Entitled “The Future of Money: Digital Currency” Updates on Witnesses

Capitol Hill Washington DC 1

The Subcommittee on Monetary Policy and Trade, part of the House Financial Services Committee, has updated the information on the forthcoming hearing entitled “The Future of Money: Digital Currency.” The Hearing, which will be live streamed on the Committee web site, will include the following… Read More

FINRA Approved Reg CF Crowdfunding Portals: 38 and Counting

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Last time we checked in back at the end of December, there were 36 FINRA approved Regulation Crowdfunding (Reg CF) portals in operation. Today, that number has increased to 38 as two more entrants have entered the Reg CF space. As for portals that have… Read More

Heritage: Congress Must Remove Anti-Competitive Barriers to Cryptocurrency

Coins Money Red

Here is an interesting write up that should make cryptocurrency advocates happy. The Heritage Foundation, a leading policy think tank in Washington, DC, published a report at the end last year telling Congress and other public authorities they need to back off of Bitcoin and… Read More

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