SEC Boosts Intrastate Crowdfunding, But Hurdles Remain
By Tom Zanki (October 31, 2016, 8:52 PM EDT) -- The U.S. Securities and Exchange Commission's loosening of rules to encourage intrastate crowdfunding is a welcome step that reflects modern internet realities, attorneys say, though it's unclear how big a splash the rules will make in igniting tepid interest in intrastate deals.
SEC commissioners unanimously approved a new exemption, called Rule 147A, last week that would make offerings of intrastate crowdfunders accessible to out-of-state residents without running afoul of securities laws. The revisions, which also allow a more flexible interpretation of a business's home state, are part of a wider SEC push to modernize regulations for smaller issuers.
Though actual sales...
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