Right now you can go on the Internet and donate to your favorite

cause or startup business and get a t-shirt or maybe a free
doughnut every week but you cannot invest in your favorite startup
and get a share of stock.


Because securities laws govern the issuance of stock. You can’t
invest in a company that hasn’t registered their stock, or qualified for
an exemption from registration.

Registration is designed to protect both investors and legitimate
issuers. The challenge is balancing investor protection with the interests of small businesses and entrepreneurs
seeking to raise money.

However, if you are interested in using equity crowdfunding on a local basis, a growing number of states have enacted exemptions within existing federal law that allow local small businesses and entrepreneurs to use intrastate equity crowdfunding to help grow their businesses by tapping into the crowd within their state’s borders.

The North American Securities Administrators Association is pleased to offer resources to help investors and small business owners learn more about equity crowdfunding.


  • Intrastate Crowdfunding Overview 2016

  • Intrastate Crowdfunding Overview 2015

  • Intrastate Crowdfunding Overview 2014

To learn more about equity crowdfunding, contact your state securities regulator:

Directory of state securities regulators

To learn if equity crowdfunding is legal in your state, or if your state is considering enacting

crowdfunding legislation:

Intrastate Crowdfunding Legislation/Regulation (as of November 16, 2016)

Note: This information is being provided for your convenience and is not intended as legal advice. The information is illustrative only and not an exhaustive list. Any questions should be directed to the appropriate state regulator.

To learn details of individual jurisdiction intrastate crowdfunding legislation or regulation:
Intrastate Crowdfunding Directory

To learn what you should know about equity crowdfunding as an investor or small business owner/entrepreneur:

NASAA Investor Advisory on Equity Crowdfunding
NASAA Small Business Advisory