Equity-crowdfunding sites aren't wasting any time waiting for the SEC.
Equity-based crowdfunding, whereby unaccredited investors plunk down money in a company in exchange for more money down the road, is set to be legal sometime in early 2013. Small investors and unfunded startups are waiting until after the Securities and Exchange Commission figures out how to write the rules so widows and orphans don’t get fleeced of their last pennies. That could take a while. But the timeline hasn’t stopped startups from competing to be the very first equity crowdfunding site. Some aren’t even waiting until the law is finalized