
When I guestblogged here last year, I wrote about crowdfunded securities. The upshot was that crowdsourcing platforms like Kickstarter can't support investment, because that's illegal; they can only offer tiered "perks" for donations at various levels. But I (and others) believe that crowdfunded securities should be legal without expensive SEC registration under certain conditions, starting with if individual investment is capped at a relatively low figure, like $100.
In that post, I also floated the idea of crowdfunding a campaign to pursue such a "crowdfunding exemption." I invited people to contact me if they wanted to keep up with such efforts, and got nice feedback from a bunch of folks. Encouraged, I dug in some more and found out that getting something like this going would actually be easier than I thought. First of all, the SEC has the authority to rewrite its own regulations, without any congressional review (which sounds like a recipe for corruption, and indeed...). Second, the SEC, via its website, lets anyone submit Petitions for Rulemaking and solicits comments on these petitions. You send it, and they will post it-- and then also post all the comments they receive. This quiet backwater of the SEC's website struck me as good territory for some crowd action.
Now, a half year later, all the pieces are in place. A campaign on IndieGoGo quickly raised the money to fund the Sustainable Economies Law Center (SELC) to draft the petition, which was completed last week. I'm thrilled at how the petition came out-- it's very well researched and argued, and joy to read. The SELC sent the petition to the SEC last Thursday, and as of this morning, the SEC has posted it to their website, as File No. 4-605. You can see the list of funders in the first footnote, at the bottom of page 1. Huzzah!
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The Pew Research Center has an interactive map that shows marriage and divorce rates in the United States. The adjacent report, released this weekend, has some interesting statistics for trivia-hounds; for example, the District of Columbia has the highest percentage of single men (72%) as well as the highest median age of women at the time of their first marriage (30).
I met Edhi in August when he was on his yearly visit to New York. He shared with us the plight of the Internally Displaced People in Pakistan and said he never saw a situation so bleak before in his life. Edhi has been with Pakistan since its inception and has seen many leaders and governments come and go. There is not very much written about him in English, but you can find a translated copy of his autobiography at
John Graham-Cumming, a leading British computer expert who launched the campaign, said: "I think that Alan Turing hasn't been recognised in Britain for his enormous contribution because he died in his forties and almost certainly because he was gay.