H.R. 2607 · 118th Congress · Finance and Financial Sector
Improving Crowdfunding Opportunities Act
- IntroducedApr 13, 2023 Done
- CommitteeDied Jan 3, 2025 Stopped here
- House floorNot yet Not reached yet
- Senate floorNot yet Not reached yet
- Chambers agreeNot yet Not reached yet
- PresidentNot yet Not reached yet
What it does
This bill reduces regulations applicable to crowdfunding securities and portals. Crowdfunding is used to raise capital through a large number of individuals investing potentially small amounts of money.
The bill exempts certain securities issued under crowdfunding regulations from state regulation of secondary transactions. It also exempts crowdfunding portals from (1) certain anti-money laundering reporting and recordkeeping requirements, and (2) liability for material misstatements or omissions unless the portal knowingly makes certain untrue statements or engages in fraud or deceit.
The bill revises the disclosure requirements for crowdfunding issuers with specified target offering amounts. The bill also expands the types of investors allowed to invest in these companies to include investment companies. Finally, the bill increases the aggregate amount these companies are allowed to raise in a 12-month period and generally raises the amount individuals are allowed to invest in a 12-month period.
Congressional Research Service · summary of “Introduced in House” version · Apr 13, 2023
Who lobbies on it
No lobbying filing on file names H.R. 2607.
Organizations that named H.R. 2607 in a quarterly lobbying report. Covers organizations with a PAC on file; reports from organizations without one aren’t loaded yet. Spend is the organization’s total across all issues: reports don’t split spending by bill. Source: Senate lobbying disclosures (LD-2) from lda.gov; quotes are word for word from the “specific lobbying issues” field.
Actions
2 actions · newest first- Apr 13, 2023Referred to the House Committee on Financial Services.
- Apr 13, 2023Introduced in House