CfPA Presents Case for Nuanced Reg CF Reform at SEC Small Business Forum
On April 10, 2025, the Crowdfunding Professional Association (CfPA) had a significant opportunity to advocate for crucial regulatory improvements at the SEC’s 44th Annual Small Business Forum in Washington, D.C. Representing the CfPA on the “Out of the Blocks: Strategies and Trends in Early-Stage Capital Raising” panel, I presented key insights and policy recommendations aimed at enhancing Regulation Crowdfunding (Reg CF) for the entire ecosystem – issuers, investors, intermediaries, and service providers alike.
The State of Reg CF and the Need for Evolution
Since its 2016 launch, Regulation Crowdfunding has undeniably opened doors, enabling over 8,700 campaigns to raise more than $2.2 billion from millions of investors. It's a testament to the power of democratizing capital formation. However, as the industry matures, it's clear the current framework requires refinement to unlock its full potential.
As the leading association representing professio...more
A Call to Modernize Crowdfunding Laws -- and Why We Need You to Join the Movement!
Crowdfunding Professional Association (CfPA)
At the Crowdfunding Professional Association (CfPA), we are proud to represent the voice of the regulated investment crowdfunding industry—a sector that has become a powerful engine for innovation, entrepreneurship, and inclusive economic growth across the United States.
In response to the House Financial Services Committee’s recent request for feedback on capital formation, we submitted a comprehensive letter outlining key reforms urgently needed to modernize Regulation Crowdfunding (Reg CF) and related exemptions. These reforms are critical to ensure that crowdfunding continues to thrive as a competitive, accessible, and transformative force in U.S. capital markets.
Since Reg CF was introduced through the JOBS Act of 2012, it has grown from a bold experiment into a proven success:
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Over 8,500 securities offerings
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$2.2 billion raised from more than 2 million Americans
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$7.5 billion in economic impact
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Nearly 400,000 jobs created
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$80 billion in estim
Navigating a Fair Future: Crypto, Crowdfunding, and Regulatory Clarity?
In a statement published February 4th titled “The Journey Begins,” SEC Commissioner Hester Peirce, as the newly appointed SEC Crypto Task Force leader, compares the SEC’s past crypto regulation to a chaotic road trip and expresses her desire to create a clearer, more practical regulatory framework.
She also asserts that the Commission will uphold its authority and enforce regulations without being pressured or overridden. From the statement:
“Third, the Task Force wants to travel to a destination where people have great freedom to experiment and build interesting things, and which will not be a haven for fraudsters. One of the reasons the U.S. capital markets are so robust, efficient, and effective is that we have rules designed to protect investors and the integrity of the marketplace, and we enforce those rules. We do not tolerate liars, cheaters, and scammers.”
“Where Congress has directed the Commission to impose requirements on ...more
SEC Commissioner Hester M. Peirce to speak at CfPA Summit
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CfPA Regulated Investment Crowdfunding and Leadership Summit 2024 - Detailed Agenda
Day 1 (10/22: Tues.) : Advocacy Visits & Pre-event Reception
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10:00 AM - 5:30 Advocacy Meetings
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Capitol Hill + Regulator visits CfPA members registered for the Summit may be eligible to attend some of the advocacy meetings. |
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5:30-8:00 PM Cocktail Reception |
Sunset Cocktail Reception Top of the Town - Top Floor and Rooftop (1400 14th Street North, Arlington, VA) (Streaming Music by DJ Scott McIntyre)
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Day 2 (10/23: Wed.) : Conference and Summit
Venue: Top of the Town (Top Floor 1400 14th Street North, Arlington, VA)
“One of the most magnificent views in Washington”
...more
[CfPA Press Release] CfPA Announces Board Approval of Policy Platform
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...more
Why I Support the SEC's Tentative Plan to Raise a Key Crowdfunding Threshold
An SEC Committee Voted to Recommend Raising the Trigger for Reviewed Financial Statements from $124,000 to $350,000
I’m not a financial advisor; Superpowers for Good should not be considered investment advice. Seek counsel before making investment decisions.On Monday, the Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee, a key organization within the financial market’s regulator, voted to recommend raising the threshold for requiring reviewed financial statements under Regulation Crowdfunding from $124,000 to $350,000. Let me explain why I enthusiastically support that recommendation!
What Is a Reviewed Financial Statement?
One of the pernicious problems associated with reviewed financial statements is that the name “reviewed” fails to describe what it is to anyone but a CPA. It sounds a bit like I’ve handed my financial statements to an auditor and asked them to peruse them and then stamp them “reviewed.” That is completely wrong!
Grateful for the super people at SuperCrowd24
On behalf of the Crowdfunding Professional Association (CfPA), I would like to express gratitude to @Devin Thorpe and @Chandan Saha for providing CfPA with the opportunity to co-host SuperCrowd24 and for giving the CfPA board and members the opportunity to share their perspectives and expertise and to connect with a community of attendees from all over the world. The event was highly engaging and informative (-- and provided a welcome diversion following the end of this year’s tax season).
The agenda was packed, the speakers were amazing, and the topics were relevant across a wide range of themes. Personally, I was pleased to hear numerous discussions about the possible integration of regulated investment crowdfunding into the full capital stack of various businesses -- from small enterprises seeking SBA loans to major corporations managing complex divestitures – as it points to a future where crowdfunding and community-ownership could be an important pro-social subs...more
