It's time for our own crowdfunding law

It is unfortunate that the SEC is moving slowly with this.

One thing to be careful with state law is that you still need to be mindful of general solicitation regulations. Right now it's illegal to publicly announce that you're actively raising money. If leaked to the press it could shut down your whole round, perhaps worse.

But state law without general solicitation can still be useful - at Wefunder we raised a crowd round from accredited and unaccredited investors on our platform using blue sky law. It's not for every company and comes with a few awkward restrictions, like only being able to accept investors in certain states and having investor limits. If anyone's interested in doing something similar, we talk about it on our blog [1] and are happy to share our legal docs which are VC friendly (for if/when you get to that Series A).

[1] https://wefunder.com/post/16-how-to-legally-crowd-invest-now

This isn't about protecting investors from losing money, this is about raising an artificial barrier to entry for smaller start-ups.