Supporters of crowd funding for startups must await SEC rule-making process

"Lots of investors will get scammed," Bill Payne suggests. "Just give it a couple of years and Congress will be asking the SEC how they ever let this happen!".

Now that the so-called crowd-funding measure has whipped through Congress with a speed and level of bipartisan support unheard of in recent years, the effort to make it fulfill its promise of creating new companies and jobs begins. And that may prove more challenging than its passage.

Before any entrepreneur with a can’t-fail idea rushes to the Internet in hope of attracting a crowd of investors, the Securities and Exchange Commission must first set the rules on how provisions of the law will be permitted to play out. The agency has 180 days to fulfill those duties.

Mike Flynn

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