November 1, 2013

The St Louis Post - Dispatch

By David Nicklaus

Jenny Kassan ought to be elated about the SEC’s new crowdfunding rules, but she’s not.

Kassan, a lawyer in Oakland, Calif., suggested an investment version of crowdfunding in 2010, when she worked at a nonprofit group called the Sustainable Economies Law Center. She submitted a petition calling for the Securities and Exchange Commission to exempt very small stock offerings from its usual expensive registration procedures.

Andrew Hoyne, an attorney with the Polsinelli law firm in St. Louis, agrees that most businesses will find the crowdfunding rules burdensome. “There are a lot of hoops they have to go through to raise not a lot of money,” he said.

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