To amend the Securities Act of 1933 to raise the offering amount threshold for when issuers using the crowdfunding exemption are required to file financial statements reviewed by a public accountant who is independent of the issuer, and for other purposes.
Amendment for Crowdfunding Capital Enhancement and Small-business Support Act of 2025 or the ACCESS Act of 2025
This bill expands the exemption from certain disclosures applicable to crowdfunding issuers with specified target offering amounts. (Crowdfunding is used to raise capital through a large number of individuals investing potentially small amounts of money.) Under current law, crowdfunding issuers that have target offering amounts of $100,000 or less are not required to make available financial statements reviewed by an independent public accountant. The bill increases that amount to $250,000 and allows the Securities and Exchange Commission to increase this amount to no more than $400,000 upon recommendation of the Office of the Advocate for Small Business Capital Formation and the Office of the Investor Advocate.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-203.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-203.
Placed on the Union Calendar, Calendar No. 166.
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