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• W799764098 abstract "IntroductionThe early twenty-first century has spawned the development and growth of crowdfimding, a process in which entrepreneurs raise capital from the general public over the Internet.1 Certain crowdfimding campaigns, however, constitute offerings, triggering burdensome disclosure requirements under the Act of 1933 (the Securities Act).2 Namely, crowdfunding campaigns that offer investors equity interests must have a registration statement filed with the and Exchange Commission (the SEC).3 Filing a registration statement, however, is typically impractical for startup companies and small businesses due to the disproportionately high cost, the potential for criminal and civil liability, and the potential to miss critical market windows due to the lengthy filing process.4In an effort to raise the economy from the Great Recession, Congress passed the Jumpstart Our Business Startups Act (the Act) in 2012, creating an exemption for certain crowdfimding campaigns to offer and sell without filing a registration statement with the SEC.5 Critics have denounced the crowdfimding exemption in the JOBS Act, primarily focusing on the potential for fraud on the Internet, as well as the inability of investors to properly evaluate a company online.6 The JOBS Act tasks the SEC with alleviating these concerns through regulatory rules, which must implement adequate measures to protect investors. In November 2013, the SEC proposed rules to regulate crowdfunding under the JOBS Act.7 The SEC's proposal then underwent a period of initial public notice and comment, which concluded on February 3, 2013. At the time of this paper's publication, the proposal awaits further SEC review in light of the public comments posted.8This Comment suggests that the SEC's proposed rules require crowdfunding entrepreneurs to utilize escrow accounts to adequately protect crowdfunding investors.9 The SEC's current proposal does introduce some use of escrow to this effect, but this Comment argues for a much more extensive use.10 Specifically, this Comment argues that the SEC should require crowdfunding campaign managers to (1) place capital contributions into escrow and release them directly to the parties responsible for the development or expansion of the business, rather than the issuer; (2) maintain capital contributions that exceed a crowdfunding campaign's target offering in escrow, to be paid to investors if and when the business fails; and (3) wait one year and offer to buy out investors before expending capital contributions that exceed a target offering.1 'I. Crowdfunding & The LawsPart I. A. of this Comment explores the mechanics of crowdfunding, its unique capacity for raising capital, and its other benefits to startup companies and small businesses. Part I.B. outlines the four models of crowdfunding. Part l.C. sets forth the classification of crowdfunding campaigns under the laws, describing the way in which crowdfunding campaigns may constitute securities offerings. Part I.D. describes the constraint that the laws place on such offerings. Part I.D. 1. illustrates this constraint by looking to a campaign that sought to crowdfund a beer company before the SEC shut it down for failing to file a registration statement. Part I.D.2. describes the reasons that SEC registration is nonetheless impractical for small businesses and startup companies, which might otherwise benefit from selling through crowdfunding campaigns.A. What is Crowdfunding?Crowdfunding is a form of microfinance in which a large crowd of small investors pools together funds in order to provide the necessary capital for the development of a startup company or the expansion of a small business.12 Crowdfunding campaigns are primarily conducted over the Internet, through dedicated crowdfunding-platform websites called portals.13 Through crowdfiinding portals, the general public gains the capacity to fully fund a commercial project or social cause. …" @default.
• W799764098 created "2016-06-24" @default.
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• W799764098 date "2014-07-01" @default.
• W799764098 modified "2023-09-26" @default.
• W799764098 title "Protecting the Crowd through Escrow: Three Ways That the Sec Can Protect Crowdfunding Investors" @default.
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