Late last week, President Obama nominated Mary Jo White as the head of the Securities and Exchange Commission (SEC). Her appointment awaits confirmation by the U.S. Senate. Hopefully, this is an indication that the new SEC rules implementing the JOBS Act will become effective soon and thus, the legal landscape concerning crowdfunding for startups in the United States will be clarified. Apparently, part of the hold-up relating to approval of the rules has revolved around concerns with inadequate investor protection in the rules and questions concerning the identity of the new member of the SEC. A description of the issues concerning crowdfunding is provided by startup guru Yoichiro“Yokum” Taku here.
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