Kansas and Georgia Beat the SEC on Crowdfunding Rules. Now Others Are Trying

Equity crowdfunding is legal in Kansas. Where's the crowd? Photograph by Tier Images

It’s been more than a year since President Obama signed the JOBS Act into law, and the Securities and Exchange Commission has yet to finalize rules that would allow companies to sell shares over crowdfunding platforms. Often overlooked amid speculation about when the SEC will conclude its rulemaking process: equity crowdfunding to nonaccredited investors is already legal under certain conditions in two states.

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