The bill would create a new category of exempt transaction by adding subsection (6) to Section 4 of the Securities Act - a crowdfunding exemption

Crowdsource Funding Legislation in Motion  

Entrepreneurs and startups are always looking for financing, and “crowdsourcing” – using the Internet to establish large groups of small-budget investors – is a hot trend. Unfortunately, current law prevents a lot of crowdsourcing from taking place. The Entrepreneur Access to Capital Act is designed to change that by adding an exemption to Rule 506 that would make it legal to collect funds in this manner as well as solicit for them and raise the number of eligible investors, whereas now capital investment is largely limited to accredited investors with large net worth. The new funding method would be a boon for emerging...   read more

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