So now we know.
We had hoped that Seedrs would be operational in the US by now. However we did expect them to be tackling equity crowdfunding using the SEC's retail Title III bill, which goes live in a few weeks.
However an on line public conversation we had today with a Seedrs Director revealed that they will be going live in the US but under Title II rules. This makes a huge difference.
Under II, only accredited investors can put money into an ECF pitch. In SEC terms accredited means something rather different than the self assessment tick box joke we operate here. Put it like this - you need to be very rich or you cant play. So the massive volumes of cash from the American public pumped through Crowdfunding sites like Kickstarter or Indiegogo will not be appearing in a Seedrs pitch any time soon. In essence Title II is not equity crowdfunding as we here understand it - its an elitist club for the super rich to get even richer.
Can anyone else open up this goldmine?
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