S. 3967IntroducedFINANCE AND FINANCIAL SECTOR
Improving Crowdfunding Opportunities Act
Administrative law and regulatory procedures · Commodities markets · Federal preemption
Key facts
Introduced: Mar 30, 2022
Chamber: Senate
Cosponsors: 0
Congress: 117th
Latest action · Dec 13, 2022
Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held.
Summary
Improving Crowdfunding Opportunities Act
This bill reduces regulations applicable to crowdfunding securities and portals. Crowdfunding is used to raise capital through a large number of individuals investing potentially small amounts of money.
The bill exempts certain securities issued under crowdfunding regulations from state regulation of secondary transactions. It also exempts crowdfunding portals from certain anti-money laundering reporting and recordkeeping requirements. Finally, crowdfunding portals are exempted from liability for material misstatements or omissions unless the portal knowingly makes certain untrue statements or engages in fraud or deceit.
Summary by Congressional Research Service.
Timeline
- Dec 13, 2022Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held.
- Apr 5, 2022Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-621.
- Mar 30, 2022Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Mar 30, 2022Introduced in Senate
In the News
View official record on Congress.gov →
Make your voice heard
Contact your representatives about this bill in under 2 minutes.
📬 Contact Your Reps →