The JOBS Act became law in April 2012. Included as Title III of the Act was equity crowdfunding, a way for small and medium-sized to raise money quicker and cheaper than traditional methods. A need that Congress desired to have satisfied in a timely manner.
Congress gave the SEC nine months to implement Title III equity crowdfunding.
Eighteen months after the JOBS Act was enacted, in October 2013, the SEC proposed rules for crowdfunding. The deadline for gathering comments from the public would have expired in February 2014.
More time passed.
The SEC has now scheduled its final stage for crowdfunding rules for October 2015. Presumably, implementation would follow about three months thereafter in January 2016, only three years after the law required.
Now, it may be that we shouldn’t take the SEC seriously, that it has simply given itself wiggle room. We’ll see.
As more time passes.
– Alan N. Walter