The Senate approved (73-26) the JOBS Act (HR 3606) with CROWDFUND Act (S. 2190) amendments.
By Candace Klein (Founder & CEO, Bad Girl Ventures & SoMoLend)
Under the JOBS Act, entrepreneurs will be able to raise up to $1 million per year through online crowdfunding platforms like my company, SoMoLend, and such others as Peerbackers and Crowdfunder. The bill includes added protection for non-accredited investors. The amount investors will be able to lend depends on their income, with some individuals capped at $2,000.
There was much debate on the House bill, primarily around issues of fraud and investor protection. Frankly, as the founder of a crowdfunding platform that could have benefited from the House bill, I should have been wholly and solely supportive