At least one witness
at the hearing put the blame for the delay squarely at the feet of the SEC. Georgetown
University finance Prof. James J. Angel testified that
"The commission has shown a pattern of antipathy toward the idea of
crowdfunding from the beginning and is in great danger of killing the idea
through regulatory delay and over- regulation."
In addition, on
Wednesday, April 17th the House Committee on Financial Services will be holding
a hearing
provocatively entitled, "Examining the SEC's Failure to Implement Title II
of the JOBS Act and its Impact on Economic Growth."
In the mean time,
Forbes blogger David Drake in a recent post forecast
the possibility that Italy will overtake the U.S. in equity-based crowdfunding.
(Apparently regulators in Italy have made more progress than their counterparts
in the U.S. when it comes to implementing crowdfunding).
It goes to show how
far the concerns of U.S. lawmakers and regulators have shifted when securities
laws in Italy are more friendly to business than those in the U.S.
View The Full Story By Jonathan B. Wilson
