The CrowdFund Intermediary Regulatory Association has published an open letter to the House Committee on Financial Services, Subcommittee on Oversight and Investigations, in preparation for that Committee's hearing tomorrow on the SEC's delay in adopting the crowdfunding regulations required by the JOBS Act.
CFIRA takes pains to distinguish the efforts undertaken by SEC staffers to examine the issuer and diligently meet with stakeholders from the delay caused by the Commission itself. The group writes:
"[I]t is important to understand the hard work and dedication that has been shown by the staff in creating draft rules for the Commission. The staff has been proactive in meeting with all members of the industry each time we have requested their presence, and has been extremely proactive in reaching out to us to discuss many aspects of the regulations surrounding the JOBS Act. In fact, we believe that the staff has had draft rules before the Commissioners since November 2012. As you seek information from the SEC during your hearing on April 17, 2013, we encourage you to place your frustration and concern with the party most able to respond, and that party is the Commission, rather than the staff."
Meanwhile, if you're interested in hearing more about the practical implications of crowdfunding, please join me at the Ritz Group's "Shark Attack" crowdfunding symposium this Thursday, April 18, 2013 at the City Club in Buckhead (Atlanta) where I'll be joined by Maurice Lopes (Crowdfund Professional Association) and Candace Klein (SoMoLend and Bad Girl Ventures) in an interactive webcast event on the topic hosted by Dara Albright (NowStreet).