In previous months, we've covered here in ReadWriteWeb a new and emerging concept called crowdfunding - a way for entrepreneurs, especially apps developers, to obtain just enough funding to get off the ground, by way of a handful of collected funding sources contributing no more than $1,000 each. It's a superb alternative for businesses as small as one person to build an app and place it in the cloud.
The problem is, it's not officially legal. Not that there's any enforcement against the practice at the moment; in fact, last week the House of Representatives overwhelmingly approved by a vote of 407 - 17 language that amends the Securities Exchange Act of 1934, in order to exempt crowdsourced funds from having to clear legal hurdles from every state from which a member contributes funding.
To read the full, original article click on this link: Next Step in Crowdfunding Growth: Make It Legal
