#111: Grassroots Lobbying Effort Asks SEC To Issue Final Crowdfunding Rules
September 10, 2014 - Read the full Forbes article and watch the interview here: http://onforb.es/1qJnjeD. Subscribe to this podcast on iTunes by clicking here: http://bit.ly/ymotwitunes or on Stitcher by clicking here: http://bit.ly/ymotwstitcher. On April 4, 2012, President Obama signed the JOBS Act, authorizing a variety of significant changes to securities laws, including the enabling legislation for crowdfunding under Title III of the Act. Two-and-one-half years later, the rules to implement the law remain in draft form, pending action by the Securities and Exchange Commission, the SEC. Ron Miller, CEO and founder of an equity crowdfunding site focused on operating under the rules of Title III of the JOBS Act called StartEngine, has launched a grassroots effort to pressure the SEC to issue final rules under the act. The campaign features the hashtag #VoteOnCrowdfunding for use on social media. Sara Hanks, a securities lawyer, launched a site, CrowdCheck, to provide regulatory support services to investment crowdfunding portals under the JOBS Act. She believes the industry is ready to comply with reasonable SEC rules. Jason Best, an entrepreneur who thought there ought to be a better way to raise money for startups, was one of the primary leaders in the passage of the JOBS Act and was recognized by the White House with an invitation to the JOBS Act signing ceremony in the White House Rose Garden. He is eager to see the central feature of the legislation he lobbied to pass be implemented. Greg Parker is an entrepreneur who launched a crowdfunding service called IndieCrowdFunder.com for independent Hollywood film production. Constrained today to fundraising via other exemptions from registration, he is also eager to see the rules implemented.