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A long reported rumor became official today, and it's one of particular interest to all those keeping a watchful eye on Washington to see when the SEC might finally wrap up its rulemaking process for JOBS Act equity crowdfunding.
Mary Schapiro, chair of the Securities and Exchange Commission charged with drafting the new regulatory framework for crowdfunding, has just made public the news that she plans to step down next month.
“It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity,” said Chairman Schapiro in a statement. “Over the past four years we have brought a record number of enforcement actions, engaged in one of the busiest rulemaking periods, and gained greater authority from Congress to better fulfill our mission.”
Schapiro oversaw the beginning of implementation of the major financial overhaul known as Dodd-Frank, and of course, the JOBS Act, which still has a long way to go.
Schapiro plans to leave her post effective December 14th, which means we can look forward to a lengthy confirmation process for her replacement. As a result, JOBS Act rulemaking is likely to be put on hold or at least slowed down in the interim.
So consider this news today a sort of official confirmation of what we've already known for months -- equity crowdfunding will not be ready to go by the end of the 9-month rulemaking deadline included in the JOBS Act.
How much longer will we have to wait? Several months, or perhaps a full year, or perhaps longer, according to some of the most educated guesswork going on right now. For a detailed hypothetical timeline and the steps that still need to be taken to realize crowdfunding in the U.S., check out this recent post from David Drake. He's betting on 2014.
- Eric Mack is Managing Editor for Crowdsourcing.org. He has covered business, technology and politics for more than a decade for major outlets including CNET, CBS, AOL, NPR, Wired, and the New York Times. You can contact him at firstname.lastname@example.org. Find him on Twitter and Google+. Also be sure to follow Crowdsourcing.org on Twitter.