There’s another kind of fraud, and that’s when Congress and the president pass and sign a law, and thousands of companies organize according to the principles in that law... but academics and people in consumer groups who disagree with the law make it their mission to prevent the law from going into effect,” said Gregory Simon, chief executive of Poliwogg, a firm that’s building a crowdfunding portal for start-ups in sectors like healthcare and clean energy.
If you're hoping to raise capital for your business by selling small stakes to investors over the Internet, you better be patient -- there's no telling when this form of crowdfunding will become a reality.
When asked whether another year could pass without any crowdfunding regulations, Blass dodged the question.
David Blass is chief counsel for the SEC's division of trading and markets.
JOBS Act, One Year Later: Hang Tight, Equity Crowdfunding Is Coming
"The crowdfunding industry is frustrated that the Securities and Exchange Commission has not yet finalized rules that will potentially turbocharge the industry. But it is also cautiously optimistic..."
Bloggers' Note. Are you starting to sense some that the reality of the situation is that no one has a clue?