2,358 crowdsourcing and crowdfunding sites
The United States Securities and Exchange Commission is charged with making the rules and regulations that will become the framework for the new crowdfunding system called for under the JOBS Act, but the federal agency has again announced a delay in the process.
The JOBS Act called for the elimination of a long-standing ban on general solicitation and advertising for certain securities offerings, and the commission was set to discuss rules for doing away with the ban at an open meeting today.
However, on Tuesday the SEC announced that it would not be discussing how to lift the ban at today's meeting, postponing the item until another open meeting on August 29th.
"At times, changes in Commission priorities require alterations in the scheduling of meeting items," writes SEC secretary Elizabeth Murphy.
The SEC was given a 90-day deadline to implement the rules, but that deadline has already passed.
Reuters reports that the SEC considered moving forward more quickly by using an interim final rule to get new regulations in place that could be modified later, but then decided to go through the normal, slower process in the interest of transparency and including more public feedback.
Last week, Rep. Patrick McHenry (R - N.C.) wrote a letter to SEC chair Mary Schapiro, accusing the commission of dragging its feet and "kicking the can down the road" in delaying implementation of the JOBS Act. The SEC has responded that going through a slower, more public rulemaking process protects the rules from legal challenges.