SEC Seeks Comments on Extending Crowdfunding Platform Safeguards
Published Date: 3/27/2025
Notice
Summary
The SEC wants to keep the rules for crowdfunding platforms (intermediaries) just as they are, making sure they stay registered, check issuers properly, and share info with investors online for at least 21 days. This affects crowdfunding websites and their users, with no new costs or big changes, just an extension of current rules. Comments are open now before the SEC asks for official approval to keep things running smoothly.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
Estimated Industry Compliance Costs
The SEC staff estimates that 135 intermediaries engage in crowdfunding activity and that complying with Rules 300-304 imposes an annualized industry burden of 27,732 hours and total costs of $16,960,716. The Commission plans to submit the existing information collection for extension and approval.
Platforms Must Stay Registered
If you run a crowdfunding platform, you must remain registered with the SEC as either a broker or a funding portal and be a member of a registered national securities association (the notice notes FINRA is currently the only one). The SEC is seeking an extension to keep these existing registration requirements in place.
21-Day Posting and Escrow Protections
Crowdfunding platforms must post the issuer information on their platform for at least 21 days before any securities are sold and must let people save or download that information. Funding portals must direct investors to transmit funds to a qualified third party that holds and promptly transmits or returns funds, and registered brokers must follow Rule 15c2-4 for transmission or maintenance of payments.
You Must Open Account Before Investing
If you want to invest through a crowdfunding platform, the platform cannot accept your investment commitment until you open an account with the intermediary and give consent to receive materials electronically. This requirement comes from Rule 302 of Regulation Crowdfunding.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-05263, Surrender of License of Small Business Investment Company; Stonehenge Opportunity Fund III-B, L.P., License No. 05/05-0296
Stonehenge Opportunity Fund III-B, L.P. has officially given up its license to operate as a Small Business Investment Company. This means they won’t be making new investments under this license anymore, effective immediately. Small businesses and investors connected to this fund should take note of this change as it may affect future funding opportunities.
Next: 2025-05265, Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest; LCM Healthcare Fund I, L.P.
LCM Healthcare Fund I, L.P. wants special permission from the Small Business Administration to invest in Northwest Surgical Development Company, even though the deal isn’t on the usual terms. This affects small businesses and investors, and the SBA is asking for public comments within 15 days before giving the green light. No money has changed hands yet, so this is a heads-up for anyone interested in the process.