Well, this just in from dispatch on Capitol Hill: The Senate has passed legislation that will essentially legalize crowdfunding in startups by practically anyone, even your mom. Senators Scott Brown, Merkley, and Bennet all collectively introduced the “Crowdfund Act” earlier this month, which adds measures to the House of Rep’s now well-known JOBS Act to ensure that companies would be able to use SEC-approved crowdfunding platforms
While the Crowdfund Bill passed 73-26, and received widespread, bipartisan support, as one might expect when the potential for any old investor to enter the well-guarded circle of angel investing (especially in Silicon Valley), both the JOBS Act and the Crowdfund Bill have been controversial. Both bills have yet to be reconciled and signed, but support is reaching a fever pitch, and the passage through the Senate is auspicious to say the least.
We will be updating
