summary
Introduced
03/30/2022
03/30/2022
In Committee
03/30/2022
03/30/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Securities Act of 1933 to preempt State securities law requiring registration for secondary trans- actions, and for other purposes.
AI Summary
This bill, the Improving Crowdfunding Opportunities Act, aims to amend the Securities Act of 1933 to preempt state securities law registration requirements for secondary transactions of crowdfunding securities. Specifically, it exempts crowdfunding securities from state regulation, clarifies that funding portals are not liable for material misstatements or omissions unless they knowingly make such statements, exempts funding portals from Bank Secrecy Act recordkeeping and reporting requirements, and allows funding portals to provide impersonal investment advice without being considered an investment advisor. These changes are intended to improve opportunities for individuals to participate in crowdfunding investment activities.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held. (on 12/13/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/3967/all-info | 03/31/2022 |
| BillText | https://www.congress.gov/117/bills/s3967/BILLS-117s3967is.pdf | 04/02/2022 |
| Bill | https://www.congress.gov/117/bills/s3967/BILLS-117s3967is.pdf.pdf | 04/02/2022 |
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