On April 5, 2012, the Jumpstart Our Business Startups (JOBS) Act was signed into law by President Barack Obama. The stated purpose of the Act is to “increase American job creation and economic growth by improving access to the public capital markets for emerging growth companies.”
On October 23, 2013, the SEC released proposed rules establishing a framework for crowdfunding offerings which have been regulated under the JOBS Act. The public comment period for the proposed rules ended on February 3, 2014. On April 10, 2014, the Investor Advisory Committee voted unanimously to ask the SEC to adopt a series of recommendations to the proposed crowdfunding rules.