Congress raises crowdfunding bar—but weakens investor protections
H.R. 3645 — ACCESS Act of 2025 · Filed by Daniel Meuser (R-PA) · 4 cosponsors · Introduced May 29, 2025 · Reported out
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What it does
This bill raises the crowdfunding exemption threshold from $100,000 to $250,000 — the point at which small companies raising money online must have their financial statements reviewed by an independent accountant. It also lets the SEC increase that threshold up to $400,000 on recommendation from its small-business and investor advocate offices. The bill aims to reduce compliance costs for early-stage companies seeking capital.
Why we flagged it
The bill's operative mechanism is a straightforward regulatory threshold adjustment designed to reduce compliance burden on small issuers using the crowdfunding exemption. It is not a deregulation (the requirement remains; the trigger point moves) but a targeted relief measure.
What the text implies
- Retail crowdfunding investors in the $100k–$250k band lose independent financial review, shifting due-diligence burden from issuers to individual investors who may lack expertise.
- SEC discretion to raise the threshold to $400k creates regulatory uncertainty and potential for future expansion without congressional action, depending on advocacy office recommendations.
The full analysis lists 3 implications of this text.
Who stands to gain
early-stage companies and startups using Regulation Crowdfunding; crowdfunding platforms (reduced compliance friction for their clients)