Concerns Around the Rise and Popularity of Non-Fungible Tokens (“NFTs”)

2021 Year-End Letter from CfPA’s Chairman

Working for the success of every fundraiser and their supporters, by providing education, resources and assistance to all stakeholders in the Crowdfunding community

Dear friends,

Thank you for another year far surpassing my hopes both personally and professionally. The CfPA continues to be highly-regarded here and abroad as a generous and vital organization expanding access to capital and opportunity for entrepreneurs, small businesses and investors. Our work in 2021 helped Crowdfunding reach new highs, extended our global voice, and expanded our capacity domestically. We saw over $500M raised using RegCF offerings where even non-accredited investors finally got a piece of the pie. We saw RegA+ offerings land over $2B. For these, and so many other reasons, it continues to be an honor to be a part of a leadership team on the cutting edge of Alternative Finance. CfPA’s reputation continues to be enhanced by the many professionals who freely contribute their time and expertise to advancing the association and the industry. There have been so many noteworthy moments and I look forward to seeing even more debut in ’22.

In 2021 I learned that a Chair’s best use is more about counseling, enabling and facilitating a board of volunteer directors. After 8 years of sometimes cloudy, frenetic, reactionary executive responsibility on the board as President/Chair, VP and Secretary, this year continued to reinforce that Restraint, Patience and Availability were most beneficial to the organization’s productivity. In a year we were all forced yet again to practice patience, discipline and resilience, the necessity of productive group discussion has only grown more valuable and at the same time more challenging as our members and our leadership faced similar disruptions in their paid professions. Luckily, our board again carried this responsibility diligently, as we added a great number goals and projects to our calendar, including the requisite planning sessions, expert discussions and public forums many of which were recorded to our growing video archive.

As we took account of our annual performance, we all agreed there remains plenty of room for improvement. As most boards only meet a few times per year, ours meets monthly, plus a monthly executive committee meeting, plus monthly committee meetings, plus numerous events, conferences and other gatherings. To accommodate this packed calendar, a number of improvements will begin in January, including a crop of new directors and more active committees. In addition, I will meet more frequently with all our board members individually to ensure their voices and priorities are incorporated into our evolving agenda. All of these changes should make our frequent meetings and demanding mission less prospective and more productive.

To that, our President, Samson Williams has provided me with a short list of what to expect from us in ’22. He asks for your continued support of the CfPA as members, as sponsors, as volunteers on our many projects, or even just as fans willing to share the news of how Crowdfunding has so rapidly become the go-to funding option for founders and business owners. Samson kindly thanks the funding portal operators, marketers, educators, investors and all champions of change, citing that together we make Main Street a healthier, more innovative marketplace for Startups and Entrepreneurs while making the funds they receive more transparent, accountable and meaningful to the investors trusting them.

On the slate for 2022:

  1. Crowdfunding Professional Certification — Crowdfunding will continue to be a multi-billion dollar industry (est. $8-$12B annually by 2026). Investors and entrepreneurs deserve to trust that certified credentials underpin the distinction of “Crowdfunding Professional”. We have several developments underway, all including education and exams, to facilitate that such certification is broadly recognized and valuable.
  2. Technical Seminars — We surveyed funding portals, investors and issuers, and THE single biggest challenge facing them all is finding impartial, accurate, trustworthy technical assistance to demystify the Crowdfunding process. Need to know the nuts and bolts of the JOBS Act and Crowdfunding? Stay tuned as we launch our monthly technical seminars.
  3. Your voice on The Hill, and at the table — From advocating to raise individual investor limits to providing paths for more non-accredited investors to qualify for equity investments to raising campaign limits from $1M to $5M, the CfPA will continue to advocate for the changes that make Crowdfunding easier and more equitable for Founders, Investors and Funding Portal Operators. Join us and let us know what pain points you need us to help fix on your behalf in DC and beyond.

Samson closed off with “Entrepreneurship is so hard I generally only recommend it to my enemies and dreamers. Keep dreaming. I believe in you.”

For their tireless energy, bottomless optimism and genuine commitment, I thank, sincerely, our President Samson Williams, our VP Devin Thorpe, our Treasurer Brian Belley and our Secretary Peter Rostovsky, and all our selfless volunteer leaders serving on both the board and on committees. Ultimately, I am responsible for helping everyone on the board be the best director they can be, and while I can hardly take credit for this year’s remarkable performance despite all odds, I continue to be humbled being entrusted to chair this remarkable organization—I feel similarly when friends complement my son’s warm disposition assuming I must be a great parent—he’s just a good kid…and I’m pretty lucky there too.

Thank you all for another fulfilling year supporting equitability and prosperity for all. Sincerest regards, and to a bountiful, restorative year ahead,

Scott E. McIntyre
CfPA Board of Director


Download a PDF version of the 2021 Chairman’s Address letter here

CfPA Virtual CrowdInvesting Summit 2021

CfPA Virtual CrowdInvesting Summit 2021

Join us for an online summit as we celebrate 5 years of investment crowdfunding. Title III of the JOBS Act turns 5 years old this May.
Register Here

About this Event

The CfPA is celebrating this milestone with a virtual conference with industry leaders, regulators and entrepreneurs.

Get your tickets today to learn firsthand the 60-day report card on the crowdinvesting industry since the limits on RegCF were raised to $5M and the limits for RegA+ were raised to $75M on March 15, 2021.

Attendees can look forward to learning the latest in investing trends, insights into SPVs, testing the waters, tactics that successful campaigns have used in order to meet their capital raising goals, trends in international crowdfunding, and more.

Agenda and Speakers

This half-day event will feature concurrent tracks themed specifically to attendees needs (Entrepreneurs/SMEs, Issuers, Investors), packed with valuable insights and perspectives from some of the equity crowdfunding industry’s leaders and experts.

Sessions will kick off around 11AM Eastern / 8AM Pacific and run until 4PM Eastern / 1PM Pacific.

Speakers include regulators (SEC and FINRA), entrepreneurs who have successfully raised from the crowd, industry experts, and more to be announced in the coming weeks.

Ticket Prices

CfPA members – $49.99 (Sign up here today to become a member and be eligible for the CfPA member price)

Non-members – $199.99

Students – contact us ( for special student discounts

Register Here

We will be validating that all purchased Member tickets correspond to a valid CfPA membership, so please use the same email address for registration that your CfPA membership is tied to.

Sponsorship spots are available. Email or to reserve your sponsorship spot today.

Letter to Biden Administration on Crowdfunding Limit Updates

President Biden released a regulatory freeze notice last week that may stop the new Regulation Crowdfunding (Reg CF) and Regulation A (Reg A) rules from going into effect March 15, 2021.

These are the rules that, among other adopted exempt offering framework updates, will change the cap for Reg CF from $1M to $5M and for Reg A from $50M to $75M.

View the letter to President Biden here: CfPA letter to Biden Administration – 01/28/2021


To show your support for the recently adopted SEC crowdfunding changes:

  1. Sign your name and company in support of the letter here

Many of the adopted updates will help get Main Street back to work and should not be delayed.

Please let us know if we can include you or your organization as a supporter of this initiative by signing the form here.

If you’d like to take part in other meaningful discussions, please consider becoming a CfPA member today and ask about joining our Legislative and Regulatory Affairs (LRA) committee.

Webinar Recording – Reg A+ Forecast Hosted by Issuance & CfPA

Online capital raising has flourished in 2020. With companies successfully raising $10 to $25 million through their own websites in a matter of months, Regulation A+ has come roaring back with a vengeance.

With this in mind, join Issuance and the CfPA on our November 18th webinar as we look forward to 2021 and explore the future of the Regulation A+ securities exemption and the financing opportunities it provides companies.

The 2021 Reg A+ Forecast industry expert panel will discuss the following topics:

1) Why was 2020 a breakout year for Reg A+?
2) How are issuers successfully raising $25 million online, and what are the risks?
3) What were the challenges with past Reg A+ IPOs, and how do we fix them?
4) What innovations are needed to give investors a better chance to earn an ROI?
5) What will the “Going Public” series offer to issuers and investors?

More info on the panel:The Crowdfunding Professional Association (CfPA) is a 501 (c)(6) nonprofit trade group that was established shortly after the signing of the JOBS Act on April 5, 2012.

Darren Marble is co-founder and CEO of Issuance, which is a leading provider of SaaS solutions for Regulation A+ issuers. He is also the co-founder and co-CEO of Crush Capital, creator and owner of the “Going Public” series.

Sara Hanks is the co-founder and CEO of CrowdCheck, and is an attorney with over 30 years of experience in the corporate and securities field.

David Feldman is an attorney and advisor who actually coined the term Regulation A+ at an SEC conference and literally wrote the book on Regulation A+.

Aaron Gurewitz is a Managing Director and Head of ROTH Capital Partners Equity Capital Markets Department.

SEC Announces Amendments to Crowdfunding Regulations

New York, NY, November 16, 2020 – The Crowdfunding Professional Association (CfPA) announced today that the U.S. Securities and Exchange Commission (SEC) has amended rules governing crowdfunding under both Regulation A and Regulation Crowdfunding. The CfPA has provided guidance to the SEC regarding these changes since before the bipartisan passage of the governing JOBS Act in 2012.

The changes are intended to make investment crowdfunding rules more effective and accessible for both entrepreneurial issuers and investors. By raising the limits on investments, more people will be allowed to invest more money in these startups. In parallel, the higher limits on fundraising will increase small businesses’ ability to raise capital under these rules.

Some of the most important rule amendments are summarized below:

Regulation Crowdfunding:

  • raise the offering limit under Regulation Crowdfunding from $1.07 million to $5 million;
  • amend the investment limits for investors in Regulation Crowdfunding offerings by:
    • removing investment limits for accredited investors; and
    • using the greater of their annual income or net worth when calculating the investment limits for non-accredited investors; 
  • extend for 18 months the existing temporary relief providing an exemption from certain Regulation Crowdfunding financial statement review requirements for issuers raising $250,000 or less; 
  • permit Regulation Crowdfunding issuers to “test-the-waters” prior to filing an offering document with the Commission in a manner similar to current Regulation A.

Regulation A:

  • raise the maximum offering amount under Tier 2 of Regulation A from $50 million to $75 million;
  • raise the maximum offering amount for secondary sales under Tier 2 of Regulation A from $15 million to $22.5 million;
  • simplify certain requirements for Regulation A offerings and establish greater consistency between Regulation A and registered offerings.

Rule 504 of Regulation D has also been amended to increase the cap on offerings from $5 to $10 million. 

Furthermore, the final rule will exempt certain “demo day” communications from being deemed a general solicitation or general advertising.

The final rules are effective 60 days after publication to the federal register. The SEC’s final rule can be found here.

The CfPA is committed to continuing efforts to advocate for amendments that improve access to capital, to democratize investment opportunities traditionally exclusive to wealthy investors and to protect investors.

About CfPA:

The Crowdfunding Professional Association (CfPA) is a 501(c)(6) nonprofit trade group established shortly after the signing of the Jumpstart Our Business Startup Act (“JOBS Act”) on April 5, 2012. The CfPA is dedicated to equitably representing the Crowdfunding industry and supporting the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) by providing entrepreneurs, investors and industry professionals with education, networking and tools all necessary to cultivate a balanced and healthy ecosystem able to help accelerate capital formation and ensure investor protection.



Crowdfunding Professional Association
Brian Belley, Secretary

CfPA & OTC Markets Group host Fireside Chat

This discussion covers many subjects relevant to those interested in Crowdfunding, AltFin and FinTech, including updates on regulatory movements at the SEC and on The Hill.

CfPA president keynotes 7th annual Crowd Funding Institute of Australia summit

A warm reception and vibrant discussion at CfPA’s sister association down under. The event was a high-energy, content-rich and agenda-packed day tailored to professional of people movers across all forms of digital fundraising.

CfPA FREE Forum Nov 16 on W. 62nd

Full details here

CfPA FREE Forum Nov 16 on W. 62nd

CfPA FREE Forum Nov 16 on W. 62nd

CfPA partners with Fordham University and Computershare for FREE forum: “The State of Crowdfinance” Nov. 16th 5;30pm. Full details here









More on CfPA ECO here

ECOCfPA Launches Knowledge-Sharing Platform with to make Crowdfunding expertise accessible to entrepreneurs, investors and general public. More on CfPA ECO here.