REGULATION OF CROWDFUNDING IN THE USA AND EU: COMPARATYVE ANALISIS

Abstract

This article aims to review the main differences between the regulation of remunerated crowdfunding in the European Union and the United States of America. In particular, the aim is to reveal the main ways of investing in the US before 2012 and after the amendments to the US Federal Securities Act were adopted, which provide for the possibility to invest through crowdfunding portals. The key elements of the new crowdfunding regulation are reviewed, such as the ways in which additional information about the project is provided to potential investors, the classification of investors and the amounts they can invest, what investment transactions they can enter into, and whether they are free to dispose of their investments. These elements are compared between US and EU regulations, where their differences and the arguments for choosing such a regulation are revealed. This analysis is important to determine whether the SF regulation chosen by the EU should be improved in comparison with the US regulation.