This week, the SEC’s Division of Economic and Risk Analysis (DERA) released its long-awaited update on investment crowdfunding under the JOBS Act. It’s encouraging to see the Commission acknowledge how far this market has come.
But let’s talk about the elephant in the room: data integrity.
In their 11-page analysis, the SEC states:
“Based on the analysis of EDGAR filings… there were 3,869 offerings where issuers reported approximately $1.3 billion in proceeds. This is likely to be a lower-bound estimate due to variance in Form C-U filing practices.” — SEC, May 2025 Report on Crowdfunding
That understatement conceals a massive blind spot.
In reality, over the same time period, our CCLEAR dataset—which collects data directly from the platforms, offering pages, and disclosures – not self-reported filings—shows:
- 6,564 successful offerings
- $2.83 billion in capital commitments
That’s 70% more offerings and over double the proceeds than what’s captured in the SEC’s report.
Why the Difference Matters
The SEC’s reliance on Form C-U filings, which are often missing, late, or incomplete, creates a systemic underreporting problem. And that affects how regulators, media, and institutional stakeholders perceive the entire industry.
That’s why we built CCLEAR from the ground up—to fill in those gaps and go far beyond them. Our dataset is the only one in the market that is:
✅ 100% complete
✅ Transaction-level accurate
✅ Enriched with structured fields like:
- Investor sentiment
- Valuation benchmarks
- Industry classifications
- Securities type and terms
- Geographic distribution
- And much more
Our Report vs. Theirs
The SEC’s report is 11 pages.
Our Annual State of Investment Crowdfunding report is 210 pages—and that’s not filler. It’s the detailed analysis the industry needs to make informed decisions, benchmark performance, and identify emerging trends.
We’re grateful to see the Commission turn its attention to this market. But if we want to fully understand how Regulation Crowdfunding is transforming early-stage capital formation in the U.S., we need more than partial filings.
We need complete data. We need CCLEAR.
