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Crowdfunding - South Carolina Should Be Next

November 24, 2014
Lee Kiser

Reprinted with permission from Upstate Business Journal

It has been more than two years since Congress passed the JOBS Act, and almost one year since the SEC issued proposed rules for equity crowdfunding. With the SEC moving slowly on federal crowdfunding rules, many states are choosing to bypass the SEC and adopt their own crowdfunding laws, including states that South Carolina competes with for businesses, jobs and investors.

Twelve states have passed crowdfunding laws, and another 12, including D.C., have either legislation pending or have started studies on legislation.

In early 2014, state Rep. Dwight Loftis of Greenville introduced House Bill 4799, which would create an intrastate offering exemption for South Carolina businesses and investors. Because House Bill 4799 was introduced in the second year of a two-year session, the bill died last June and must be reintroduced, which Rep. Loftis plans to do in January.

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