ACCESS Act of 2026
- Bill Number
- S. 3662
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-01-15: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Last Updated
- 2026-03-18T20:13:02Z
AI-Generated Summary
Purpose
The ACCESS Act of 2026 aims to make it easier for small businesses to raise money through crowdfunding by reducing certain financial reporting requirements. Crowdfunding allows companies to sell securities (like shares) directly to the public online, often to fund startups or small ventures. This bill updates rules under the Securities Act of 1933 to lower barriers for these offerings while maintaining some investor protections.
Key Provisions
- Raised Threshold for Financial Reviews: Under the crowdfunding exemption (Section 4(a)(6) of the Securities Act), issuers (companies raising funds) must provide financial statements reviewed by an independent public accountant if their offering exceeds a certain amount. The bill increases this threshold from $100,000 to $250,000.
- For offerings up to $250,000, issuers can use unaudited financial statements prepared internally or by management.
- For amounts above $250,000, reviewed statements (a less intensive check than a full audit) are still required.
- SEC Discretion to Adjust Threshold: The Securities and Exchange Commission (SEC) can raise the threshold further to up to $400,000, but only if recommended by the Office of the Advocate for Small Business Capital Formation (which supports small business funding) and the Office of the Investor Advocate (which protects investors).
- Technical Fixes: Updates outdated references in the law to match the current structure of the Securities Act, ensuring clarity without changing substance.
Significant Changes to Existing Law
- The main change is doubling the financial review threshold from $100,000 to $250,000, which previously required reviewed statements for smaller offerings. This eases compliance for low-amount raises.
- Introduces a new mechanism for the SEC to potentially increase the threshold to $400,000 based on expert recommendations, adding flexibility not present before.
- These amendments build on the 2012 JOBS Act, which first enabled crowdfunding, by further simplifying rules for small issuers.
Potential Impacts
- On Small Businesses and Citizens: Reduces costs for startups and small companies (e.g., no need for accountant reviews on smaller raises), potentially making it easier to access capital from everyday investors like friends, family, or the public. This could boost entrepreneurship and local economies.
- On Investors: May slightly increase risk, as fewer professional reviews mean less assurance of financial accuracy, but the law still requires basic disclosures and limits individual investments to protect non-wealthy participants.
- On Government Agencies: The SEC gains limited authority to adjust rules, which could streamline oversight but requires coordination with advocacy offices. No direct impact on international relations, as this focuses on domestic securities.
- Overall, it promotes more crowdfunding activity without overhauling the system.
Main Stakeholders Affected
- Small Business Issuers: Primary beneficiaries, as they face lower compliance costs for offerings under $250,000.
- Investors: Individual and retail investors in crowdfunding platforms may see more opportunities but with potentially higher due diligence needs.
- Public Accountants: Fewer reviews required for small offerings, possibly reducing demand for their services in this niche.
- SEC and Advocacy Offices: The SEC implements changes and may adjust thresholds; the two offices provide input to balance business growth and investor safety.
- Crowdfunding Platforms: Intermediaries (like online portals) benefit from increased activity but must ensure compliance.
Notable Legal, Constitutional, or Political Implications
- Legal: Strengthens investor protections by keeping reviews for larger offerings while easing burdens on small businesses, aligning with the goal of the JOBS Act to foster capital formation. No challenges to core securities laws.
- Constitutional: No apparent issues; it operates within Congress's authority to regulate interstate commerce and securities under the Commerce Clause.
- Political: Reflects bipartisan support for small business relief (introduced by Senators McCormick and Kim). Could encourage more innovation-friendly policies but might draw criticism from investor groups concerned about reduced oversight. The bill's referral to the Senate Banking Committee suggests focus on economic growth without major controversy.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (1)
Recent Actions
- 2026-01-15: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2026-01-15: Introduced in Senate
Bill Versions
- Amendment for Crowdfunding Capital Enhancement and Small-business Support Act of 2026 — issued 2026-01-15 — PDF (2 pages)