SAN FRANCISCO, April 4, 2015 /PRNewswire-USNewswire/ -- Tomorrow marks the three-year anniversary of President Obama's signing of the Jumpstart Our Business Startups (JOBS) Act. A new coalition of Silicon Valley entrepreneurs, startups and investors continue to push for the SEC's promised rule-making of the act's Title III; commonly known as equity crowdfunding.
The SEC is yet to issue rules under Title III on how un-accredited investors are able to invest in private companies.
A new advocacy group titled "Silicon Valley for the Jobs Act" has formed to organize supporters of Title III and work together to provide feedback and move SEC commissioners to vote on crowdfunding rules.
Silicon Valley for the Jobs Act congratulates the SEC on its approval of final Regulation A+ rules under Title IV of the JOBS Act. These rules pre-empt state law for larger Regulation A offerings of up to $50 million and enable state coordinated review for offerings up to $20 million.
Title III proposed to create and regulate an entirely new funding ecosystem that would allow ordinary Americans — not just accredited investors — to buy shares in startups or private companies, in effect, creating a public market for privately held companies.
Some influential angel investors and venture capitalists stand behind Title III including Tim Draper, Steve Case, founder of AOL, Ron Conway, founder of SV Angel, Dave McClure, founder of 500 Startups, Naval Ravikant, founder of AngelList, Manny Fernandez, of DreamFunded.com, Hunter Walk of Homebrew and more.
On average, the diverse investor community contributes to create three million jobs a year through startups: a key driver for job creation across the country.
Supporters of "Silicon Valley for the Jobs Act" believe larger investment in private equity will result in further job creation.
SOURCE Silicon Valley for The Jobs Act