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Scott Brown: Senate Wants Crowdfunding

Scott Brown: Senate Wants Crowdfunding

Editor's Note: Jeff Howe moderated a panel hosted by WeFunder in Boston this morning that featured crowdfunding bill sponsors Sen. Scott Brown (R-MA) and Rep. Patrick McHenry (R-NC). Afterwards, he provided with this brief summary. also shot video of the entire event, which we will be posting soon, so keep checking back for new updates. 

In Boston this morning, Senator Scott Brown continued to push for the passage of some version of the crowdfunding legislation now working its way through Congress. In its broadest strokes, crowdfunding has the support of both parties, both the House and Senate and President Obama. However, that does not ensure it will become law as today's panel made clear.

As is often the case on Capitol Hill, the devil lies in the details.  The bill that passed the House overwhelmingly would not require a licensed intermediary and would allow for a company to sell up to two million dollars worth of securities. There are two other versions that have since been introduced in the Senate--including Brown's bill-- and both are considerably more restrictive.

A final compromise, however, might closest resemble Brown's proposal. At today's event, the Senator indicated there's room for flexibility when it comes to the tigher limits his bill places on crowdfunding investments and, perhaps most importantly, Brown says the Senate wants to see a crowdunding bill of some sort passed.

It's often said the Senate is a place where good bills go to die. It looks like some sort of crowdfunding bill has a shot at coming out of the chamber alive, but whether most proponents of crowdfunding will consider the end product to be a "good bill" still remains to be seen.

A Senate Banking Committee hearing on crowdfunding is set for tomorrow morning.

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