September 21, 2012
Is the SEC is engaged in a campaign to derail the will of the American people? Last week they wrote an article about The North American Securities Administrators Association (NASAA) listing crowdfunding on its top 10 fraud list, even though in the two years it has been legal in the UK and the seven its been legal in Australia not a single case of successful fraud has occurred.
Uncertainly in markets will likely deter investments and reduce investor confidence. The result of action requiring leveled investor accreditation etc, will increase capital flows to securities attorneys and NOT to entrepreneurs.
Rather than stick with the current self-certification path or providing a mechanism for investors to prove accreditation, the SEC says that different investors may need to supply the government with different information based on the type of investor they are. Ridiculous
The president gets it. Congress gets it. The American people get it. Can't the SEC get it?
Take the roadblocks OUT of the process. Stop adding them