UPDATE: Tribe-Funding, SEC Change?
We’ve talked a lot about crowd-funding and the SEC here at FilmClosings.com, and on the Huffington Post, including my post Tuesday in the Tech section, “Independent Films’ New Path to Financing,” Just got the following message from Paul Spinrad about a “crowd-funding campaign to change crowd-funding law.” This is a perfect opportunity for the indie film tribe to support its best interests:
Hi Jeff– we’ve never met, but I’ve started something that I’m excited about and think you might be interested in: the Crowdfunding Campaign to Change Crowdfunding Law:
The main enabling news is that the Katovich Law Group, a top-notch law firm that’s devoted to “Cutting Edge Fundraising,” has agreed to petition the SEC in support of legalizing crowdfunded securities for a basically token payment of $1,000 raised through crowdfunding.
This is great!
What’s more, the petition will be posted online on the SEC’s website, along with any comments they receive from the public on their proposal. I think it’s a real recipe for showing some crowd political power.
So now I’m raising the $1,000 via the crowdfunding site IndieGoGo, with their strong interest and blessing, and after that goal is met, Katovich will need about three weeks to draft the document.
Contributors’ names will be included on this hopefully influential
document (“This petition was funded in part by contributions from the following individuals…”), thereby inscribing them in financial history (SFX: thunderclaps).
I’d be delighted to discuss– and also, of course, if you wanted to donate or spread the word!