Raise the cap to $20 million, indexed to inflation.
Increase the offering limit from $5 million to $20 million and index it to inflation.
SEC petition for rulemaking · File No. 4-914
Raise the Regulation Crowdfunding cap to $20 million.
CCA petitioned the SEC to raise the Reg CF offering limit from $5 million to $20 million, indexed to inflation, and to fix the crowdfunding vehicle rules that keep investors off cap tables. The petition was first submitted in January 2026, then resubmitted and docketed July 13, 2026. This page tracks the docket, the evidence, and who has filed in support.
Why the cap has to move
Regulation Crowdfunding is the only exemption open to every American investor, accredited or not. It has a $5 million ceiling in any 12-month period, set when the market was untested. Ten years in, the companies hitting that ceiling are not struggling to find demand. They are turning investors away, refunding oversubscriptions, and going back to market with a second filing, a second campaign, and a second set of costs to reach the same people.
The larger problem is the companies that never show up. Operators who need $8 million to $20 million look at a $5 million ceiling and go to Reg D 506(c), a Reg A, or skip the crowd entirely. That cohort of larger, more established issuers is what would make this market deeper and lower risk.
The Commission can fix this through rulemaking without Congress. A separate petition, File 4-889, independently asks for the same increase.
The request
What the petition asks for
Fix Rule 3a-9 crowdfunding vehicles
Streamline the operational requirements so vehicles can use default voting, designate a lead investor or manager, and deliver consolidated disclosures. Today’s rules make the vehicle harder to run than the underlying raise.
Conform Section 12(g)
A higher cap without a conforming change to the Exchange Act registration thresholds trades one ceiling for another. The petition asks for the 12g-6 conforming fix so issuers are not pushed toward full registration for succeeding.
Docket history
Petition for rulemaking filed
First submitted January 2026, resubmitted and docketed July 13, 2026 as File No. 4-914. Requests a $20 million cap with inflation indexing; subsequent supplements add vehicle reform and clarify statutory authority.
First supplement
Adds updated CCLEAR market evidence on capital fragmentation under the $5 million cap and the need for Rule 3a-9 reform.
Second supplement
Addresses the Commission’s statutory authority under Sections 28 and 19(a) of the Securities Act to make the change by rule.
Third supplement
Adds the Section 12(g) conforming ask, responds to the comment record, and introduces new evidence on issuers raising near the cap.
Who has filed in support
Small Business & Entrepreneurship Council
Formally backed raising the Reg CF cap.
Read the filing ↗DealMaker
Reported 11 raises that approached the cap and had to refund investors; all 11 companies returned to market to raise again.
Read the filing ↗If your organization has filed or plans to file, email info@theccagroup.com and we will add you.
File your own comment
Comment letters are what move a petition.
The SEC reads the docket. Platforms, issuers, investors, and trade associations can file a letter supporting File 4-914 in about twenty minutes. The most useful letters are specific: how many of your raises approached the cap, how many investors you turned away or refunded, what it cost to go back to market, and what you would have raised without the ceiling.
Step 1Address the letter to Vanessa Countryman, Secretary, U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549, referencing “File No. 4-914, Petition for Rulemaking to Amend Regulation Crowdfunding.”
Step 2State who you are and your role in the market in two sentences.
Step 3Give your data.
Step 4State your support for the $20 million cap, inflation indexing, the Rule 3a-9 fix, and the Section 12(g) conforming change.
Step 5Submit by email to rule-comments@sec.gov with the file number in the subject line, or through the SEC’s online comment form on the petition docket.