U.S. Securities-Based Crowdfunding

Acting Chair Piwowar made remarks at the the Dialogue on Crowdfunding hosted by the Securities and Exchange Commission and the Salomon Center for the Study of Financial Institutions at New York University.  In his remarks, Acting Chair Piwowar shared the following statistics regarding crowdfunding, noting that:  163 U.S. securities-based crowdfunding deals have been initiated, of which 33 have completed their fundraising.  Over $10 million has been raised since the regulation went into effect, with most offerings still ongoing.  There are currently 21 registered funding portals in the United States.  He also expressed concern as to whether the final rules are too restrictive or too burdensome and raised the possibility that the Commission consider steps to improve the regulations, including through the use of the Commission's exemptive authority.