The State of Washington is looking to take a progressive stance on crowdfunding. A senate bill was passed that will make it possible for entrepreneurs to raise up to $1 million during any 12-month period as long as the residents are from Washington state as part of a crowdfunding campaign. The big plus is that the funds are now being raised from non-accredited investors, as well as accredited investors.
This is a trend that other states are beginning to adopt as well, and is designed to open up more options under the Jobs Act of 2012. Right now, under the current federal regulations only accredited investors can contribute to fund raising under 506-C.
Call Washington progressive in my book.
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