WASHINGTON, D.C. – October 28, 2026 – (KOREWIRE) – The Crowdfunding Professional Association (CfPA) presented four priorities for modernizing Regulation Crowdfunding (Reg CF) at the October 27 meeting of the U.S. Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee.

CfPA President Brian Belley, who also serves as Chief Technology Officer of Kingscrowd, participated in the discussion alongside Sherwood Neiss, Principal of Crowdfund Capital Advisors, and Nicholas Tommarello, Founder and CEO of Wefunder. The session examined a decade of Reg CF experience and potential changes to improve access to early-stage capital.

In his remarks at the meeting, SEC Chairman Paul S. Atkins said he had asked Commission staff to evaluate changes to Regulation Crowdfunding that could reduce compliance burdens and make the rules more attractive to issuers and investors.

CfPA’s recommendations seek to make capital raising more practical for businesses of different sizes while retaining meaningful investor safeguards. They are proposals from the association, not amendments adopted by the SEC.

“Regulation Crowdfunding has demonstrated its value as a capital formation tool over the past decade, but there is considerable opportunity to make it more efficient and accessible,” said Brian Belley, President of the CfPA. “These reforms are intended to reduce unnecessary barriers for entrepreneurs while giving investors clearer information and greater opportunities to participate in the growth of American businesses.”

Four priorities for Regulation Crowdfunding reform

Proportionate requirements for small offerings. CfPA recommends a streamlined tier for offerings up to $350,000, with self-certified financial statements and simpler forms. The approach would retain executive accountability and material disclosures while addressing fixed compliance costs that can make small raises impractical.

Greater capacity for larger and follow-on rounds. CfPA recommends increasing the Reg CF offering limit from $5 million to $20 million in a 12-month period, with compatible treatment under Section 12(g) of the Securities Exchange Act. The proposal would retain meaningful disclosure, investor limits and intermediary safeguards while giving growing businesses another option for continued retail participation.

Simpler investor limits and issuer communications. CfPA recommends a Regulation A-style approach to investor limits and clearer rules for issuer communications. The presentation calls for guidance on the factual business information that may accompany offering terms in notices, together with targeted amendments to Rule 204.

Information investors can find and use. CfPA recommends clearer disclosure of ownership rights, investment structures, fees and tax obligations before investment, together with simpler annual-report filing and reminders afterward. The goal is to make both investment terms and ongoing reporting responsibilities easier to understand.

Building on sustained CfPA advocacy

The presentation builds on CfPA’s policy platform, first adopted by its Board in May 2024 and subsequently updated. Increasing the Reg CF limit to $20 million is one part of that broader agenda, alongside relief for smaller offerings, simpler issuer communications, clearer investor disclosures and more accessible annual reporting. CfPA continues to advance these priorities through regulatory engagement and practical industry guidance.

In August 2026, CfPA introduced a voluntary annual-reporting best practice and sample issuer acknowledgment to help intermediaries make ongoing reporting responsibilities clear. In September, its Board added Presumptive Parity, calling for comparable treatment of similarly situated exempt offering pathways, within statutory limits and with appropriate safeguards and explanations for meaningful differences.

Independent petitions reinforce shared reform goals

These reform goals are also reflected in SEC File No. 4-889, a BLPN—Building Legendary Professional Networks petition dated March 1, 2026 and posted March 4. Brian Christie, CfPA’s Vice Chair and co-founder of BioTech Funding Portal, co-signed as a BLPN founding member, independently of CfPA. Beyond a $20 million cap, the petition seeks simpler advertising and clearer issuer and funding-portal communications, explicitly aligning those three requests with published CfPA positions.

Crowdfund Capital Advisors’ separate petition, File No. 4-914, dated and posted July 13, 2026 and signed by Sherwood Neiss, also proposes a $20 million cap and contributes transaction-level market data. These complementary efforts reinforce CfPA’s continuing work to improve capital access and investor protection.

CfPA welcomes the SEC’s examination of Regulation Crowdfunding and encourages the Commission to advance these priorities as it evaluates the exempt offering framework.

Additional information: SEC meeting agenda and Chairman Atkins’ remarks.

About the Crowdfunding Professional Association

The Crowdfunding Professional Association (CfPA) is a 501(c)(6) nonprofit trade association dedicated to fostering the growth of the regulated investment crowdfunding economy. CfPA supports issuers, investors, regulated intermediaries, and crowdfunding professionals through education, advocacy, industry engagement, and policy work. CfPA advocates for responsible growth of regulated investment crowdfunding, including Regulation Crowdfunding, Regulation A, intrastate crowdfunding, and related frameworks that expand access to private-market investment opportunities under established regulatory structures.

Learn more at CfPA.org and CrowdfundingEcosystem.com.

Media Contact

Jason Fishman

Vice President | Chair, Growth Committee

Crowdfunding Professional Association, Inc.

Email: press@cfpa.org

Website: CfPA.org

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