ACCESS Act of 2025
- Bill Number
- H.R. 3645
- Origin Chamber
- House
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2025-07-15: Placed on the Union Calendar, Calendar No. 166.
- Last Updated
- 2026-03-18T20:13:02Z
AI-Generated Summary
Purpose of the Legislation
The ACCESS Act of 2025 aims to support small businesses by simplifying crowdfunding rules under the Securities Act of 1933. Crowdfunding allows companies to raise money from many small investors online without full securities registration. The bill reduces financial reporting requirements for smaller offerings, making it easier and less expensive for startups and small firms to access capital while maintaining some investor protections.
Key Provisions
- Threshold Increase for Financial Reviews: Raises the limit from $100,000 to $250,000 for the amount a company can raise via crowdfunding before it must provide financial statements reviewed (but not fully audited) by an independent public accountant.
- SEC Discretion to Adjust Threshold: Authorizes the Securities and Exchange Commission (SEC), the federal agency overseeing securities markets, to raise this limit further to up to $400,000 if recommended by the Office of the Advocate for Small Business Capital Formation (which promotes small business funding) and the Office of the Investor Advocate (which protects investors).
- Technical Corrections: Updates outdated references in the law to the correct section numbers (e.g., from "section 4(6)" to "section 4(a)(6)"), ensuring clarity without changing the substance.
Significant Changes to Existing Law
- Previously, companies raising over $100,000 through crowdfunding had to submit reviewed financial statements by an independent accountant, which can be costly (often thousands of dollars in fees).
- The bill increases this to $250,000, delaying the need for such reviews until larger amounts are raised. It also introduces flexibility for the SEC to adjust the threshold based on expert input, which was not previously allowed.
- These changes build on the 2012 JOBS Act, which first enabled crowdfunding, by easing burdens on very small offerings while keeping reviews mandatory for larger ones.
Potential Impacts
- On Small Businesses and Citizens: Lowers costs for entrepreneurs and startups to launch crowdfunding campaigns, potentially increasing access to funding for innovative projects or local businesses. This could benefit everyday citizens participating as investors by offering more opportunities to support companies they believe in.
- On Government Agencies: Gives the SEC more tools to adapt rules to economic conditions, possibly reducing administrative burdens on small issuers while still enforcing investor safeguards. No direct impact on international relations, as the bill focuses on domestic securities.
- On Investors: May slightly increase risk for those investing in offerings under $250,000, as financials won't be independently reviewed, but protections like offering limits per investor remain in place.
Main Stakeholders Affected
- Small Business Issuers: Primary beneficiaries, as they face fewer accounting costs for initial fundraising.
- Individual Investors: Affected through crowdfunding platforms; they gain more investment options but may have less detailed financial info for small raises.
- Securities and Exchange Commission (SEC): Gains authority to fine-tune rules, influencing how it oversees markets.
- Accountants and Financial Advisors: Could see reduced demand for reviews on smaller offerings, shifting work to larger ones.
- Advocacy Offices: The Offices of the Advocate for Small Business Capital Formation and Investor Advocate play new roles in recommending adjustments.
Notable Legal, Constitutional, or Political Implications
- Legal: Strengthens the framework of the Securities Act by balancing capital formation (helping businesses grow) with investor protection (ensuring transparency). No conflicts with constitutional rights, as it regulates commerce under Congress's authority.
- Constitutional: Aligns with the Commerce Clause, which allows federal regulation of interstate securities sales; no free speech or due process issues raised.
- Political: Promotes pro-small business policies, potentially aiding economic growth in underserved areas. It reflects bipartisan interest in reducing regulatory hurdles (introduced by Republicans but reported from a key committee), without major controversy over investor risks.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (4)
Rep. De La Cruz, Monica [R-TX-15], Rep. McClain, Lisa C. [R-MI-9], Rep. Nunn, Zachary [R-IA-3], Rep. Salazar, Maria Elvira [R-FL-27]
Recent Actions
- 2025-07-15: Placed on the Union Calendar, Calendar No. 166.
- 2025-07-15: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-203.
- 2025-07-15: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-203.
- 2025-06-10: Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
- 2025-06-10: Committee Consideration and Mark-up Session Held
- 2025-05-29: Referred to the House Committee on Financial Services.
- 2025-05-29: Introduced in House
- 2025-05-29: Introduced in House
Bill Versions
- Amendment for Crowdfunding Capital Enhancement and Small-business Support Act of 2025 — issued 2025-05-29 — PDF (2 pages)
- Amendment for Crowdfunding Capital Enhancement and Small-business Support Act of 2025 — issued 2025-07-15 — PDF (6 pages)