The SEC (Securities and Exchange Commission) has approved Title IV Regulation A+ from the JOBS ACT, but Title III Equity Crowdfunding rules are still being reviewed since 2013. As a result, the interest for independent states to act within their powers and adopt own intrastate regulations has been increasing dramatically during the last years.
In the United States, intrastate crowdfunding has become a widely popular phenomenon. Intrastate equity crowdfunding is a good finance source for small businesses that have strong ties with a specific area, such as coffee shops or restaurants. Around 13 states in the United States have implemented crowdfunding and 14 are in the starting phase or considering it. Following, we describe the implemented intrastate regulations for 18 states. The first state introduced the regulations in 2011 and since then many states have joined the movement.
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