Amendment for Crowdfunding Capital Enhancement and Small-business Support Act of 2025 or the ACCESS Act of 2025
This bill expands the exemption from certain disclosures applicable to crowdfunding issuers with specified target offering amounts. (Crowdfunding is used to raise capital through a large number of individuals investing potentially small amounts of money.) Under current law, crowdfunding issuers that have target offering amounts of $100,000 or less are not required to make available financial statements reviewed by an independent public accountant. The bill increases that amount to $250,000 and allows the Securities and Exchange Commission to increase this amount to no more than $400,000 upon recommendation of the Office of the Advocate for Small Business Capital Formation and the Office of the Investor Advocate.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3645 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 3645
To amend the Securities Act of 1933 to raise the offering amount
threshold for when issuers using the crowdfunding exemption are
required to file financial statements reviewed by a public accountant
who is independent of the issuer, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 29, 2025
Mr. Meuser (for himself, Ms. De La Cruz, Mrs. McClain, Mr. Nunn of
Iowa, and Ms. Salazar) introduced the following bill; which was
referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Securities Act of 1933 to raise the offering amount
threshold for when issuers using the crowdfunding exemption are
required to file financial statements reviewed by a public accountant
who is independent of the issuer, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Amendment for Crowdfunding Capital
Enhancement and Small-business Support Act of 2025'' or the ``ACCESS
Act of 2025''.
SEC. 2. OFFERING THRESHOLD FOR REVIEWS BY PUBLIC ACCOUNTANT.
(a) In General.--Section 4A(b)(1)(D) of the Securities Act of 1933
(15 U.S.C. 77d-1(b)(1)(D)) is amended by striking ``$100,000'' each
place such term appears and inserting ``$500,000''.
(b) Technical Correction.--Section 4A of the Securities Act of 1933
(15 U.S.C. 77d-1) is amended--
(1) by striking ``section 4(6)'' each place such term
appears and inserting ``section 4(a)(6)''; and
(2) by striking ``section 4(6)(B)'' each place such term
appears and inserting ``section 4(a)(6)(B)''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-203.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-203.
Placed on the Union Calendar, Calendar No. 166.
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