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The crowdfunding exemption movement in the U.S. is the effort to exempt relatively small investment offerings (typically $1 million or less), sold to the general public in small blocks, from the registration and compliance requirements demanded of large public companies. Inspired by the growth of non-investment Crowd funding, advocates see such exemptions as a way to spur innovation, economic activity, and small-business job creation, but opponents see such changes as invitations to fraud that will target unsophisticated investors. The movement has seen success with the passage of the Jumpstart Our Business Startups Act and a growing number of state-level exemptions, but as of April 2013, the federal law has not yet gone into effect.〔(【引用サイトリンク】title= Anniversary Of JOBS Act Finds Investment Crowdfunders Champing At The Bit )〕 ==History== The first big push towards an equity crowdfunding exemption came in April 2010, when Paul Spinrad of ''Make'' magazine, Jenny Kassan of the Sustainable Economies Law Center (SELC),〔(【引用サイトリンク】title=SELC | Education, research, and advocacy for just and resilient local economies. | Sustainable Economies Law Center )〕 and Danae Ringelmann of Indiegogo launched the Crowdfunding Campaign to Change Crowdfunding Law to fund the legal work to draft a petition to the U.S. Securities and Exchange Commission for a crowdfunding exemption. After the campaign met its funding goal, SELC interns Aroma Sharma and Kathleen Kenney researched and wrote the petition, which lists the names of all of its financial supporters in the first footnote. The SEC posted the petition as File No. 4-605 on July 1, 2010. To limit abuse and protect investors, the SELC petition proposed a $100k cap on the entire offering, and a $100 cap on individual investments. Other crowdfunding exemption proposals followed the same two-cap strategy. The lobbying group (Startup Exemption ), led by Jason Best, Sherwood Neiss and Zak Cassady-Dorion, proposed crowdfunding exemption caps of $1m for the total offering and $10k or 10% of income for each individual investment to the SEC in December 2010,〔(【引用サイトリンク】 url =http://www.sec.gov/info/smallbus/2010gbforum/2010gbforum-sbe.pdf )〕 and in early 2011 to the Startup America initiative, which was launched by the White House to celebrate, inspire, and accelerate high-growth entrepreneurship throughout the nation. Sherwood Neiss was asked to testify twice in Congress. His congressional (testimony ) reviewed the pros and cons of crowdfunding. Through 2011, with the assistance of the Small Business and Entrepreneurship Council and a newsworthy endorsement from Whoopi Goldberg, the Startup Exemption met with members of Congress, White House staff, and others to lobby for a crowdfunding exemption. The Startup Exemption's $1m/$10k caps were repeated in the White House's first crowdfunding exemption endorsement, on Sept 8, 2011, and in the first crowdfunding bill, the Entrepreneur Access to Capital Act introduced by Rep. Patrick McHenry (R-NC) on September 14, 2011. As his initial inspiration for H.R.2930, McHenry points to the website BuyaBeerCompany.com, which launched in Nov 2009 and gathered over 5 million pledges for a notional group purchase of the Pabst Brewing Company before being shut down by the SEC. The White House endorsed the Entrepreneur Access to Capital Act on November 1, 2011〔(【引用サイトリンク】 title=STATEMENT OF ADMINISTRATION POLICY )〕 and it passed the House the following day with a vote of 407-17. In the Senate, two new crowdfunding bills followed: S.1791, with caps of $1m and $1k, and S.1970, with a total offering cap of $1m, and a tiered individual cap ranging from $500 to 1% of income to 2% of income, depending on the investor's annual income. Around the same time, academic proposals for a crowdfunding exemption included $250–500k total and $500 or 2% of income individual, proposed by Steven Bradford, and $250k total and $1000 individual per six months, proposed by Nikki D. Pope. The Entrepreneur Access to Capital Act, H.R.2930, became part of the JOBS Act in March 2012. The JOBS Act went through a number of amendments; the most significant of these was when the Senate replaced the H.R.2930 section with a version of S.1970 that was modified by raising its tiered individual investment caps to $2000, 5%, and 10% of income. On April 5, 2012 President Barack Obama signed the JOBS Act into law. The signing ceremony, in the White House Rose Garden, was attended by many members of the "crowdfunding crowd" that collectively lobbied for the exemption. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Crowdfunding exemption movement」の詳細全文を読む スポンサード リンク
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