2,838 crowdsourcing and crowdfunding sites
UPDATE: The House voted 380-41 to concur on H.R. 3606 with the Senate amendment, sending it to the President's desk. His signature will make crowdfunding the law of the land and direct the SEC to begin drafting regulations. Also check out this mention of Crowdsourcing.org and the Crowdfunding Accreditation for Platform Standards program in the New York Times today.
The U.S. House of Representative is scheduled to vote sometime after noon (EDT) on H.R. 3606, also referred to as the JOBS Act, the IPO Act, the Startup bill, or the Crowdfunding bill.
The House will be voting to approve the version that passed the Senate last week, which was amended at the last minute to add disclosure requirements, investment caps based on income and a registration process for funding portals, among other things. Look at our breakdown of the amendment.
In other words, the House is voting to accept the Senate amendment as-is, with no further negotiations or changes -- it's an expedited path to the President's desk, which is the next stop for the bill if a majority of House members vote yes to concur with the Senate version today.
President Obama has said he supports the bill and is expected to sign it without delay.
If the House votes yes and the bill is signed, it won't take effect immediately. The Securites and Exchange Commission has 270 days to come up with rules and regulations to govern the new crowdfunding system. Since SEC chair Mary Schapiro has openly expressed her concerns over a new crowdfunding framework -- some of which were addressed by the Senate amendment -- there's reason to believe the SEC is likely to take its time in developing the rules. If it takes the full 270 days to work on those regulations, we probably won't see a new crowdfunding for equity system in place until the beginning of 2013.
We'll be keeping an eye on the action on Capitol Hill and will update this post once the U.S. House takes action on H.R. 3606. Meanwhile, let us know what you think about the journey the bill has taken in the comments below.