H.R.3645 - Amendment for Crowdfunding Capital Enhancement and Small-business Support Act of 2025; ACCESS Act of 2025 (119th Congress)
Summary
H.R.3645, also known as the ACCESS Act of 2025, aims to amend the Securities Act of 1933. The bill focuses on raising the threshold for crowdfunding exemptions, specifically concerning the requirement for issuers to file financial statements reviewed by an independent public accountant. Currently, this requirement applies to offerings exceeding $100,000; the bill proposes raising this threshold to $500,000.
Expected Effects
The primary effect of this bill would be to reduce the regulatory burden on small businesses and startups seeking capital through crowdfunding. By raising the threshold, fewer companies would be required to undergo a potentially costly independent financial review. This could encourage more small businesses to utilize crowdfunding as a viable funding source.
Potential Benefits
- Reduced compliance costs for small businesses seeking crowdfunding.
- Increased access to capital for startups and small businesses.
- Simplification of the crowdfunding process, potentially encouraging more participation.
- Could spur innovation and entrepreneurship by making it easier to raise funds.
- May lead to more investment opportunities for individuals.
Most Benefited Areas:
Potential Disadvantages
- Increased risk for investors due to reduced financial oversight for smaller offerings.
- Potential for fraud or mismanagement in offerings below the $500,000 threshold.
- May disproportionately benefit companies that are less transparent or have weaker internal controls.
- Could lead to a decrease in investor confidence in the crowdfunding market if significant losses occur.
- Possible need for increased investor education to mitigate risks.
Constitutional Alignment
The bill appears to align with the Commerce Clause (Article I, Section 8) of the U.S. Constitution, which grants Congress the power to regulate interstate commerce. By amending securities regulations related to crowdfunding, the bill aims to facilitate capital formation and economic activity, which falls under the purview of interstate commerce regulation. There are no apparent infringements on individual rights or liberties as defined by the Constitution or its amendments.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).