On January 1, 2015, pursuant to the Invest Tennessee Exemption (ITE), crowdfunding in Tennessee became legal, granting Tennessee-based companies and investors increased access to capital and broadened opportunities to invest. Federal crowdfunding rules, however, are stalled again—now delayed by more than 700 days past the deadline required by 2012’s Jumpstart Our Business Startups Act (the JOBS Act). The Chairwoman of the Securities and Exchange Commission (SEC), Mary Jo White, indicated that the SEC is “actively working through” the proposed crowdfunding rules, but nothing would be finalized until late 2015. Thus, the rules will not be available to companies and investors until early 2016.
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