Bill > HR9478

This bill aims to amend the Securities Act of 1933 to preempt state securities law requirements for registration of secondary transactions in crowdfunding offerings. Key provisions include: 1) exempting crowdfunding offerings from state regulation if they are made pursuant to Section 13 or 15(d) of the Securities Exchange Act or Section 4A(b) of the Securities Act; 2) clarifying that funding portals are not considered "issuers" for purposes of liability for material misstatements or omissions, unless they knowingly make false or misleading statements or engage in fraudulent conduct; and 3) exempting funding portals from certain Bank Secrecy Act requirements related to recordkeeping and reporting on monetary instruments.