Policy

Policy & Regulation

We wrote the framework behind Regulation Crowdfunding. We still work to improve it.

President Barack Obama speaking at the White House Rose Garden ceremony, with attendees standing behind him
At the White House Rose Garden ceremony. Photograph from CCA’s personal archive.

01 · Petition

SEC File No. 4-914
First submitted January 2026
Docketed July 13, 2026

Raise the Reg CF limit from $5M to $20M

Current cap

$5M

Proposed

$20M

CCA has petitioned the SEC to raise the maximum a company can raise under Regulation Crowdfunding in 12 months from $5 million to $20 million.

The argument is simple. Growing companies hit the $5M ceiling just as they prove traction. Then they have to move to costlier exemptions or leave the community investors who backed them. A higher cap keeps those companies in a framework built for retail participation, with its disclosure, portal oversight, and investment limits intact.

The investor protections that make Reg CF work stay in place. Only the ceiling moves.

Track the $20M petition, filings and support →

02 · Testimony

Before Congress

CCA's principals have testified before 5 US House and Senate committee hearings on crowdfunding, capital formation, and small-business finance.

03 · History

Drafting Title III of the JOBS Act

Sherwood Neiss, Jason Best, and Zak Cassady-Dorion wrote the regulatory framework that became Title III of the JOBS Act of 2012. It created Regulation Crowdfunding, the legal path for US companies to raise capital online from everyday investors.

04 · Global

45 countries and the World Bank

CCA authored the World Bank report on crowdfunding's potential for the developing world. The firm has advised governments and multilateral organizations in 45 countries on crowdfunding policy and market design.

Designing or reforming a crowdfunding framework?

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