January 12, 2014
I think one of the most important rules to be established is the limit on the mount of funds that can be raised. the $1 million is way too low to do any good. You are thinking that $ 1 million is OK because it is a large amount. In reality it isn't that much. In order to have any kind of impact this top amount should be raised. My thinking is that it should be $2.5 million. This raised amount can be balanced with the limit raised from "every year" to every two years or every three years.
One Million dollars just does not go that far to set up a viable growing business.
One focus of the rules should be to focus on development of alternative and green technology. We must focus on spending our money in our country rather than sending it overseas for energy. These technologies take up a sizable chunk of money. Thus I propose the higher limit.
The rules must have common sense limitations to guard the public from fraud. As the rules are used, limitations will have to be constantly upgraded to guard against the fraudsters who will think of everything
Crowd Funding campaigns should be registered in a special web site that the SEC monitors closely for compliance. This would be best being separate from the SEC Site. But still have links from the SEC site that go directly there.
There has to be an overall ease of use to make this workable. As a general rule you should use the US tax code as a guideline on what not to do. The tax code is so complex that it is too cumbersome to navigate for the normal person. Stay away from complex rules. Make it simple.