May 23, 2016
JOBS ACT is not yet Equality in investing, it is more like segregation. We have a long way to go for equality.
First of all, it is disgusting that under the JOBS ACT, we MUST use a broker or PORTAL. Especially the later which is generally Venture Backed and self-serving. The whole point of the JOBS ACT is to bring equality and power to the people, NOT to require the participation of the vultures (ventures and uber wealthy). If I want to raise capital from my fellow citizens, I MUST be allowed to do so in the same manner I would via Reg D wherein, as a company owner, I can take funds directly from my investors with no middle man required.
Further, as in Reg D, I MUST be allowed to use funds as soon as they are received, not when a funding goal is reached. Investors are investing in my company, not just a product or idea as they would via KickStarter. It seems either the regulators involved with the creation of the JOBS ACT are either thoroughly confused on the proper intent of the JOBS ACT, and/or unfortunately afflicted by the power and influence of Venture groups and the uber wealthy.
And the $1M cap, related (general) $2k max invest, and 2000 max allowed investors is pathetic. Reg D has no such restrictions.
The current JOBS ACT is a slap in the face. It's like when segregation was an answer to racial injustice whereupon there would be NO REST until equality was obtained. Same here with the JOBS ACT. The fight is not over. The scare tactic maintains that just because one does not have wealth, they can't possibly handle investments responsibly. This will not stand. The JOBS ACT barely cracks open the door to equality and I remain dedicated to kicking in that door.