Industry trade group representing the Regulated Investment Crowdfunding industry releases major policy platform with recommendations for change  

Washington, DC (May 20, 2024) - The Crowdfunding Professional Association (CfPA), the leading trade group representing the Regulated Investment Crowdfunding industry, announced the board's approval of a Policy Platform containing eighteen recommendations for the industry. Through these recommendations, the CfPA intends to advance the fledgling industry, which has enabled over 6,500 companies to raise more than $2.4 billion from millions of non-accredited investors in the eight years since the industry's rules came into effect.

"The CfPA Policy Platform represents the concerns and interests of a wide range of stakeholders in the Regulated Investment Crowdfunding industry," stated Brian Christie, the 2024 President of the CfPA.  “Broad adoption of the platform’s recommendations by industry participants, regulators, and lawmakers will greatly advance the crowdfunding industry and have a profoundly positive impact on the funding landscape for American businesses, the environment for U.S. entrepreneurs, and wealth-building opportunities for individual investors.”

The Policy Platform is the product of more than a year of deliberations by the association's Policy Committee, consisting of participating CfPA members and board members, and chaired by CfPA 2024 Vice President Jenny Kassan. CfPA’s full board was provided the opportunity to comment on and refine the Platform before it was finally approved during the association’s May board meeting.

“The passage of the CROWDFUND Act in 2012 represented a historic moment for small businesses in the United States. Twelve years later, the law has proven to be a great tool for increasing access to capital, but some of the provisions of the regulations create barriers for entrepreneurs that come from less privileged backgrounds,” stated Jenny Kassan. “I hope that we can continue to make improvements so that this law can reach its full potential as a tool for community wealth building and economic development."

In contrast to the clubby $170 billion (2023) U.S. venture capital (VC) industry, which started in the 1940s but really took off after the mid-1970s when pension funds were legally allowed to invest in VC funds as LPs, the Regulated Investment Crowdfunding industry is in the first inning of development and open to accredited and non-accredited investors alike.

“For eight years, our community has flourished, as millions of Americans were enabled to pursue both professional and social fulfillment," remarked Scott McIntyre, a nine-term Chair of the CfPA. “It has been my privilege to contribute in shaping our organization and an honor to welcome countless dedicated volunteers joining in our collective goals. The CfPA's mission to promote equity of opportunity has never been more evident than in the recommendations presented in our new platform, aimed at realizing the potential of Regulated Investment Crowdfunding.”

The industry is growing, and companies raising money under Regulation Crowdfunding, or “Reg CF,” are the most numerous in the Regulated Investment Crowdfunding industry. According to the analytics and ratings platform KingsCrowd, there were 489 total active monthly Reg CF raises in April 2024. This represents a month-over-month change in active raises of 4.7% from March 2024 (467) and a year-over-year change of 10.6% from April 2023 (442).

"As an avid Reg CF investor and head of Product at KingsCrowd, I have witnessed firsthand the transformative potential of regulation crowdfunding for startups and investors alike. Our work with investors, founders, and platforms underscores the importance of creating an inclusive and accessible investment environment,” stated Brian Belley, the 2024 Secretary for the CfPA. “The CfPA Policy Platform addresses critical issues and presents actionable recommendations that will enhance transparency, reduce barriers, and foster a more equitable landscape for all participants. By adopting these recommendations, we can empower a new generation of entrepreneurs and investors, driving innovation and economic growth across the nation."

Among the many recommendations contained within the Platform, the CfPA supports the implementation of an annual Federal tax credit of up to $1,000 for any individual (up to $2,000 for married couples filing jointly) for investments in one or more companies raising money through a Regulation Crowdfunding (“Reg CF”) offering. Companies raising money using Reg CF must follow a strict set of rules established by the U.S. Securities and Exchange Commission (SEC) and list their offering on a FINRA-regulated Funding Portal or a FINRA member Broker-Dealer.

Devin Thorpe, the 2024 Treasurer and a Past President for the CfPA stated, “I’m proud to see the CfPA step up on behalf of industry professionals, investors and those who may use regulated investment crowdfunding to raise capital in the future. The proposed policy adjustments will make for a more efficient, fair and equitable marketplace that serves the public good. I’m especially excited to advocate for a tax credit that will encourage greater investment in local communities, diverse founders and social entrepreneurs.”

According to Crowd Capital Advisors (CCA), a research and analytics firm that covers the Regulated Investment Crowdfunding industry, $2.2 billion invested through Reg CF has led to $6.8 billion in economic impact for companies located all over the U.S. Nearly 50% of 2023 offerings had a founder who is either a minority, a female, or both. Given these stats and the ground-leveling nature of crowdfunding, CfPA expects the tax credit policy for Reg CF investments, if adopted, to enhance accessibility to capital for diverse founders and create more opportunities for all small businesses to thrive.

About CfPA: The mission of the Crowdfunding Professional Association (CfPA), as restated in late 2022, is to foster the growth of the Regulated Investment Crowdfunding economy by supporting issuers and investors (and potential issuers and investors) and by working with intermediaries, including portal operators, and other Crowdfunding professionals in the broader Crowdfunding ecosystem. On behalf of these constituents and members, the CfPA advocates with regulators and legislators. The CfPA, a U.S. 501(c)(6) nonprofit trade group, carries out its mission through innovative programs, online publishing, annual gatherings, periodic webinars, and by providing guidance to investors and issuers alike. Learn more at , , or join as a member at  


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The Crowdfunding Professional Association (CfPA) has approved a new Policy Platform with eighteen recommendations to advance the Regulated Investment Crowdfunding industry, which has enabled over 6,500 companies to raise more than $2.4 billion from millions of non-accredited investors in eight years. The platform aims to enhance industry growth, promote equity of opportunity, and foster economic development by addressing existing regulatory barriers. Key recommendations include the introduction of an annual Federal tax credit to encourage investments in Regulation Crowdfunding (Reg CF) offerings. The platform emphasizes inclusivity, aiming to improve capital access for diverse founders. Developed through over a year of deliberations, the platform reflects broad support from CfPA members and industry stakeholders.

The CfPA Policy Platform can be found here:  

Devin Thorpe Devin Thorpe May 20

Exciting to see this action!

Richard Robinette Richard Robinette May 20


Jackie Logan Jackie Logan Jun 8

Excellent recommendations -- let's hope there are a few near wins for the industry ahead!