Engine, an industry group for startup businesses, sent an open letter to the Securities and Exchange Commission earlier this week requesting action on the crowdfunding provision within 2012's JOBS Act passed by Congress.
A portion of the law intended to loosen access to crowdfunding capital for businesses has yet to be fully implemented due to a slower than anticipated rollout by the SEC. Essentially the law amended the Securities Act to allow crowdfunding transactions of $1 million or less involving the issuance of a security be exempt from registration requirements and obstacles within interstate commerce.
