David Durand, Advisor, Innovation and Advocacy
September 9th, 2020
David Durand, LL.L., B.Sc. chem., – Founder and Managing Partner of Durand Lawyers – Lawyer (Québec)[...]
Report: State of Regulation Crowdfunding Says No Gold Rush But an Undeniable Job Creator
Crowdfund Insider | | Feb 1, 2019
Regulation Crowdfunding (or Reg CF), created by Title III of the JOBS Act, has been available for several years now. While not without its shortcomings, Reg CF has been leveraged by hundreds of issuers, typically smaller firms, raising over $100 million since May 2016.
This past week, Crowdfund Capital Advisors (CCA) published a report on Reg CF entitled “2018 State of Regulation Crowdfunding,” providing a snap-shot of the securities exemption and its overall performance.
Crowdfund Insider communicated with CCA principle Sherwood “Woodie” Neiss regarding the report. Neiss told CI the promise of Reg CF as a jobs creator and economic engine is starting to prove true:
“Back in 2012, the promise of Regulation Crowdfunding was jobs, a local economic generator, and an industry revitalizer. With the close of the 3rd calendar year of Reg CF we can see that those promises are holding true. Reg CF is proving to be a jobs engine (creating on average 2.9 jobs per issuer), economic generator (pumping over $289 million of revenues into local economies) and industry supporter (enabling 82 unique industries in regions across the USA).”
See: Prominent Group of Fintech Leaders Send Letter to SEC Chair Jay Clayton Demanding an Increase in Regulation Crowdfunding to $20 Million
According to their research, proceeds for campaigns that closed in 2018 increased 154% from $71.2 million in 2017 to $109.3 million in 2018. Total proceeds since inception by the end of 2018 was $194 million.
The number of successful offerings increased 189% from 221 in 2017 to 417 in 2018. The average success rate of a campaign jumped from 58.9% in 2017 to 63.9% in 2018.
The average raise by an issuer is $271,000.
The total number of investors in successful offerings increased 190% from 77,558 in 2017 to 147,448 in 2018.
Unlike the hubris of the initial coin offering world, Reg CF offerings have experienced slower, more sustainable growth, according to CCA.
“Yes there has been no Gold Rush into Reg CF,” says Neiss. “We consider that a good thing. Reg CF issuers tend to be early stage, high risk firms. Investors need to take care when deciding if and how much they want to invest in these enterprises. A slow and methodical growth of the industry now will help the industry in the future.”
While the hope was for online capital formation to provide access to funding beyond established innovation hubs, that hasn’t happened:
“The data shows the entrepreneurial hubs like New York, San Francisco, Los Angeles, Chicago and Austin are popular locations for Reg CF companies. Other cities and states around the USA that are interested in promoting jobs and supporting industries in which they have a core competency, should look at these cities/states and copy their success,” explains Neiss.
See: $5 million Equity crowdfunding extended to private companies in Australia
CCA believes that Reg CF has been good but it could be even better. Notably, Reg CF could be “poised for serious growth if the SEC would increase the issuer cap from $1,070,000 to $20,000,000:”
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!   |
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Read More
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Read More
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Read More
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Read More
Read More
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Read More
Read More
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Read More
Read More
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Read More
Read More
Guest Post | Jan 20, 2021 If you’re new to the world of investing in cryptocurrencies, you might have heard of stablecoins. These are physically-backed assets that differ quite a bit from Bitcoin and other coins. If you’ve heard of them, you’re understandably curious as to what they’re about. This guide can help you with that. How are Stablecoins Different from Bitcoin? As mentioned, stablecoins are tied to a physical asset. Bitcoin is not. It has its own value backed by the electricity that goes into mining it. Stablecoins like Tether or TrueUSD are tied to the value of the US dollar. These are sold on most traditional exchanges. Otherwise, there are also precious metal-backed stablecoins. Coins like these are more often sold on dedicated platforms like Gold Exchange. Now, you can probably infer that because stablecoins are tied to the value of physical assets, their value is inherently less volatile than Bitcoin. As you may know, Bitcoin can (and has) risen or fallen thousands of dollars at any given moment. That volatility might be a boon for some experienced investors, but newer ones might want to avoid them. This is where stablecoins come into play. Stablecoins like SilverCoin allow ...
Read More
Read More
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Read More
Read More
Crowdfund Insider | Steven Knipfelberg | Jan 19, 2021 Why are smart contracts significant? Traditionally, parties have relied on intermediaries, such as escrow agents, banks, or governments, to ensure the performance of a contract (or that a party didn’t simply run off with your cash). Smart contracts eliminate the role of intermediaries because they are both self-executing and self-enforcing. The entire transaction is dictated by computer code alone. By cutting out the “middleman,” transaction fees are dramatically reduced, while transaction speed is dramatically increased. Parties can now make a wide variety of agreements without fear that the agreement will be dishonored. See: The UK Provides Legal Certainty For Smart Contracts And Cryptoassets In Its Landmark Legal Statement Blockchain-based smart contracts are quickly becoming a common method of transacting. Since 2018, private parties have increasingly used smart contracts to tokenize assets and execute the terms of commercial loans and securities lending transactions, such as “repo” swaps of U.S. Treasury bonds. In the near future, smart contracts may be used in an even greater variety of transactions involving international trade finance, derivatives markets, mortgages, and auto leasing. With their ability to instantaneously execute and settle transactions, smart contracts have the potential to ...
Read More
Read More
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Read More
Read More
FinCEN | Release | Jan 14, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today it is reopening the comment period for its recent proposed rulemaking regarding certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA). Under the Notice of Proposed Rulemaking (NPRM), banks and money services businesses (MSBs) would be required to submit reports, keep records, and verify the identity of customers in relation to transactions above certain thresholds involving CVC/LTDA wallets not hosted by a financial institution (also known as “unhosted wallets”) or CVC/LTDA wallets hosted by a financial institution in certain jurisdictions identified by FinCEN. See: Hester Peirce Says SEC Enforcement is Not the Way to Provide Crypto Clarity Today’s Notice identifies additional statutory authority for the proposed rule under the Anti-Money Laundering Act of 2020, provides additional information regarding the reporting form, and reopens the comment period for the proposal. Specifically, FinCEN is providing an additional 15 days for comments on the proposed reporting requirements regarding information on CVC or LTDA transactions greater than $10,000, or aggregating to greater than $10,000, that involve unhosted wallets or wallets hosted in jurisdictions identified by FinCEN. FinCEN is providing an additional 45 days ...
Read More
Read More
Financial Times | OpEd by Brian Brooks | Jan 12, 2021 Lenders run by algorithms and blockchain technology will require 21st century regulation The writer is the US acting comptroller of the currency In 1961, Popular Science magazine envisioned self-driving cars. The reality arrived sooner than anyone anticipated, and before safety regulators could adapt. Most automotive laws — on speed limits, giving signals, drink-driving — had been designed to protect against dangerous drivers, not dangerous cars. Autonomous vehicles brought new risks that legacy rules never considered. As one headline on the Wired website put it: “Who’s Regulating Self-Driving Cars? Often, No One”. Banking is headed down the same road. And it’s being driven by the technology behind decentralised finance, or DeFi. But just as the original rules of the road protected us from other drivers, so our current bank regulations exist mainly to prevent human failings. See: Intro to yield farming and the latest developments in DeFi At the US Office of the Comptroller of the Currency, we require every bank to have officers responsible for its safety — such as a chief risk officer and a chief audit executive. We limit how much banks can lend to their directors ...
Read More
Read More
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Prominent Group of Fintech Leaders Send Letter to SEC Chair Jay Clayton Demanding an Increase in Regulation Crowdfunding to $20 Million
The SEC Publishes Report on Reg CF: “The number of crowdfunding offerings as well as the total amount of funding during the considered period was relatively modest”
The 2017 State of Regulation Crowdfunding: US Securities-based Crowdfunding under Title III of the JOBS Act
