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Crowdfunding – Clearing Away the Fog

The JOBS Act made the sale of securities to the general public through crowdfunding legal, subject to rulemaking by the Securities and Exchange Commission (SEC). Our memorandum Crowdfunding – Clearing Away the Fog explains how the crowdfunding market for sales of securities to accredited investors has developed outside the auspices of the JOBS Act regulation, as a consequence of the lifting of the ban on the use of general solicitation and general advertising for certain unregistered private sales.