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  • ChatGPT BOT
    ChatGPT BOT answered Apr 24

    Can you comment on Paul S. Atkins Sworn In as SEC Chairman based on the SEC Press Release and from the perspective of the crowdfunding industry? https://www.sec.gov/newsroom/press-releases/2025-68

    From the perspective of the regulated investment crowdfunding (Reg CF and Reg A) industry, the appointment of Paul S. Atkins as SEC Chairman raises both opportunities and questions.

    🔎 Perspective from the Crowdfunding Industry:

    1. Pro-Market, Pro-Business Philosophy Could Mean Support for Capital F... more

    From the perspective of the regulated investment crowdfunding (Reg CF and Reg A) industry, the appointment of Paul S. Atkins as SEC Chairman raises both opportunities and questions.

    🔎 Perspective from the Crowdfunding Industry:

    1. Pro-Market, Pro-Business Philosophy Could Mean Support for Capital Formation. Chairman Atkins has long championed capital formation and reduced regulatory burden, particularly through cost-benefit analysis. This mindset aligns well with the goals of the crowdfunding sector, which seeks to democratize capital access for startups and small businesses. His background suggests he may be open to expanding access to capital for both issuers and investors through mechanisms like Reg CF and Reg A+.

    2. Track Record of Favoring Innovation—Positive for Fintech and Digital Asset Integration

    Atkins’ role in developing best practices for the digital asset sector suggests he’s not afraid to engage with new technologies.

    This could bode well for:

    - Tokenized securities
    - Blockchain-based cap tables
    - Smart contract-based compliance —all areas that the crowdfunding industry is beginning to explore.

    3. Potential for Regulatory Rollbacks or Modernization

    Atkins has previously pushed for greater consistency and simplification in regulation. That could open the door to:

    - Raising Reg CF investment and offering limits
    - Reducing duplicative state filing burdens
    - Streamlining ongoing disclosure requirements
    - Allowing more flexible use of SPVs and follow-on offerings

    4. Investor Protection vs. Market Access

    However, Atkins' emphasis on cost-benefit analysis and industry flexibility may worry some investor advocates who want stronger safeguards in crowdfunding. There is a delicate balance here. The crowdfunding industry—especially responsible funding portals and associations like CfPA—will need to proactively demonstrate that investor protection and market growth can co-exist.

    5. A Chance for Dialogue

    Given his extensive experience across SEC leadership roles and international regulatory forums, Atkins is likely to be receptive to policy engagement. This is a valuable opening for the crowdfunding industry to:

    - Push for rule modernization
    - Advocate for new exemptions or refinements
    - Collaborate on digital compliance infrastructure
     
    📣 Final Thought:

    The appointment of Paul S. Atkins could signal a more business-friendly, innovation-minded SEC. The crowdfunding industry should engage early and often, presenting data, success stories, and constructive proposals to shape a regulatory environment that protects investors without stifling innovation. If navigated well, this could be a turning point for scaling regulated crowdfunding in the U.S. capital markets.

    #regulatedinvestmentcrowdfunding

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    • Regulations & Compliance
    • Funding Portals
    • Reg A+
    • Reg CF
    2   
  • Sara Hanks
    Sara Hanks answered Apr 18

    Does a company need to file a c-at for each individual raise or only one per year regardless of how many raises they do?

    One C-AR per year

    • Reg CF
    1   
  • Sara Hanks
    Sara Hanks answered Apr 9

    If a company files more than one Fprm C- do they need to file a c-at for each raise or just one for the entire year?

    A Form C-AR relates to a company, not to a particular raise. You file one C-AR regardless of how many offerings you did.

    • Reg CF
    3   
  • Jenny Kassan
    Jenny Kassan answered 5/26/2024

    What do you think of Chat GPT's response to my query?

    There is a federal exemption for Demo Days but it is useless because it doesn't preempt state law. To legally do a demo day where the public is invited, even if the event fits under the Demo Day exemption, it will still be illegal to do public solicitation under state law (unless the offering is bei... more

    There is a federal exemption for Demo Days but it is useless because it doesn't preempt state law. To legally do a demo day where the public is invited, even if the event fits under the Demo Day exemption, it will still be illegal to do public solicitation under state law (unless the offering is being done under Reg CF or Rule 506(c) in which case there is federal preemption).

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    • Regulations & Compliance
    • Law & Legal
    • Reg CF
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  • Benji Jones
    Benji Jones answered 3/5/2024

    When does the Reg CF clock start and end for the raise limits each year? For example, if I start my raise January and end in March, can I start my next campaign the following January or do I have to wait until after March?

    It is a rolling 12-month period.  So you can start a new one as long as you are under the threshold and you have the needed financial statements.  Usually you will need to prepare new financial statements every April 30 (for calendar-year companies)

    • Reg CF
    2   
  • Benji Jones
    Benji Jones answered 3/5/2024

    If a company can raise up to $5M per year under Reg CF, does there need to be time in between the end of one campaign and the start of another?

    Assuming you are asking about another CF round.  The cap under Regulation CF is applied to a rolling 12-month period.

    Different rules might apply if you were trying to use a different exemption for your regulated investment crowdfunding offering of exempt securities.  

    • Regulations & Compliance
    • Reg CF
    0   
  • Ruth  E. Hedges
    Ruth E. Hedges answered 2/27/2024

    Does the Rise Up Crowdfunding portal have any live offerings yet?

    Yes, we are excited to showcase the first 3 offerings that have recently joined Rise Up Crowdfunding. They span various industries, including Entertainment, Beverages, and Electronic Vehicle Charging. You can learn more here:  https://riseupcrowdfunding.com/

    • Reg CF
    5   
  • Sara Hanks
    Sara Hanks answered 2/21/2024

    Do you agree with ChatGPT about the definition of net worth for non-accredited investors?

    Not bad!

    • Equity (RIC)
    • Reg CF
    0   
  • Sara Hanks
    Sara Hanks answered 1/13/2024

    Form C-AR (Annual Report) filing requirement deadlines

    C-AR in April 2024 if any sales were made in this offering. Even if sales weren't made until the day before the C-AR was due! I have a funny story about that one.

    SEC Staff say that (in contrast to the way sales are treated in Reg D and PIPE transactions) the "sale" is when the obligation to pay is ... more

    C-AR in April 2024 if any sales were made in this offering. Even if sales weren't made until the day before the C-AR was due! I have a funny story about that one.

    SEC Staff say that (in contrast to the way sales are treated in Reg D and PIPE transactions) the "sale" is when the obligation to pay is binding on the investor and they can't withdraw their investment.

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    • Reg CF
    4   
  • Sara Hanks
    Sara Hanks answered 12/17/2023

    Can my company do a Reg D offering at the same time we're raising a crowdfunding Reg CF offering?

    Yes you can do a Reg D offering concurrently with a Reg CF offering. However, you'd want to make the Reg D a 506(c), which permits general solicitation, because while concurrent offerings under Reg CF  and 506(b) are theoretically possible, it can get very complicated, especially because in the... more

    Yes you can do a Reg D offering concurrently with a Reg CF offering. However, you'd want to make the Reg D a 506(c), which permits general solicitation, because while concurrent offerings under Reg CF  and 506(b) are theoretically possible, it can get very complicated, especially because in the CF you are going to have to disclose the existence of the Reg D offering (and vice versa).   

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    • Law & Legal
    • Reg CF
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