

US Senate drafts a Crowdfunding bill, 'Democratizing Access to Capital Act'  - jamesshamenski
http://www.thecaliforniabusinessattorney.com/2011/11/12/watch-out-house-here-comes-the-senate-with-it%E2%80%99s-own-crowdfunding-bill/

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jamesshamenski
The obvious differences over the House Bill are;

1\. individual participation level has been decreased from $10k to $1k.

2\. Companies must use a public crowdfunding site.

3\. Must be incorporated and also pick a primary state to do business under.

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anigbrowl
Although I think there's room for discussion on the amounts, these seem like
sensible counter-proposals that do a lot to overcome the objections of
consumer advocates. I'd be OK with a law of this form and figure that one
could build in support for intermediate levels of investor sophistication
after a year or two. A $1000 cap is low enough to ensure nobody gets wiped out
while still being viable for bootstrapping. Alternatively, I'd suggest $2500 -
the same amount that individuals can donate to a political candidate.

The other requirements are sensible and might help budding entrepreneurs put
pressure on their state legislatures to simplify, streamline, and reduce the
cost of the incorporation process.

