SEC raises crowdfunding threshold, trading investor protection for startup access
S. 3662 — ACCESS Act of 2026 · Filed by Dave McCormick (R-PA) · 1 cosponsor · Introduced Jan 15, 2026 · Referred to committee
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What it does
This bill raises the threshold at which small companies using crowdfunding to raise capital must have their financial statements reviewed by an independent accountant, from $100,000 to $250,000 in offering size. It also allows the SEC to increase that threshold further to $400,000 on recommendation of small-business and investor advocates. The effect is to reduce compliance costs for smaller crowdfunded offerings.
Why we flagged it
The bill's operative mechanism is a straightforward regulatory threshold adjustment designed to reduce compliance burden on small issuers using crowdfunding exemptions. It is not a deregulation in the sense of removing a rule, but rather a recalibration of when an existing rule applies.
What the text implies
- Investors in crowdfunded offerings between $100k–$250k will no longer receive independent financial statement review, shifting information asymmetry risk to retail investors who may lack expertise to evaluate unreviewed disclosures.
- The SEC's discretionary authority to adjust the threshold to $400k creates regulatory uncertainty and may incentivize lobbying by small-business groups to push the ceiling higher, potentially eroding investor protections incrementally.
The full analysis lists 3 implications of this text.
Who stands to gain
small businesses and startups using crowdfunding; crowdfunding platforms (reduced compliance friction); accounting firms (fewer reviews required, but offset by lower compliance costs for issuers)