Crowdfunding w/Unaccredited Investors: The SEC (at long last) Issues its Proposal


Interesting Cyberlaw and Other Academic Papers: Spring 2012

Do Not Track as Contract by Joshua Fairfield, Washington & Lee University, School of Law, Vanderbilt Journal of Entertainment and Technology Law, Vol. 14, No. 3, p. 101, 2012, arguing that as a matter of contract law, browser do-not-track options are enforceable against corporations.

The Anonymous Internet by Bryan H. Choi, Yale Law School, Information Society Project, Maryland Law Review (forthcoming).

From Lord Coke to Internet Privacy: The Past, Present, and Future of the Law of Electronic Contracting by Juliet M. Moringiello, Widener University School of Law, and William L. Reynolds II, University of Maryland Francis King Carey School of Law, Maryland Law Review (forthcoming).

Forcing Forgetfulness: Data Privacy, Free Speech, and the ‘Right to Be Forgotten’ by Robert Kirk Walker, UC Hastings College of Law.

Unwrapping Shrinkwraps, Clickwraps, and Browsewraps: How the Law Went Wrong from Horse Traders to the Law of the Horse by Cheryl B. Preston, Brigham Young University – J. Reuben Clark Law School, and Eli McCann, 26 BYU J. PUB. L. 1 (2011).

Tackling Twitter and Facebook Fakes: ID Theft in Social Media by Alexander Tsoutsanis, DLA Piper and Leiden Law School, World Communications Regulation Report, 2012/4 p. 1-3.

Reclaiming Copyright From the Outside In: What the Downfall Hitler Meme Means for Transformative Works, Fair Use, and Parody by Aaron Schwabach, Thomas Jefferson School of Law, Buffalo Intellectual Property Law Journal, 2012.

Copyright Conspiracy: How the New Copyright Alert System May Violate the Sherman Act by Sean M. Flaim, Catholic University of America, Columbus School of Law, NYU Journal of Intellectual Property and Entertainment Law (forthcoming).

Oversharing: Facebook Discovery and the Unbearable Sameness of Internet Law by Bruce E. Boyden, Marquette University Law School, Arkansas Law Review, Vol. 64, 2012.

A Due Process Right to Record the Police by Glenn Harlan Reynolds, University of Tennessee College of Law, and John A. Steakley, Washington University Law Review, Vol. 89, No. XXX, 2012.

The New Federal Crowdfunding Exemption: Promise Unfulfilled by C. Steven Bradford, University of Nebraska College of Law, Securities Regulation Law Journal, Vol. 40, No. 3, Fall 2012, arguing that the recent crowdfunding bill signed by President Obama into law is flawed because the regulatory cost of selling securities through crowdfunding might still be too high.

You see, an economy built to last is one where we encourage the talent and ingenuity of every person in this country … . [W]e should support … . every risk-taker and entrepreneur who aspires to become the next Steve Jobs. After all, innovation is what America has always been about. Most new jobs are created in start-ups and small businesses. So let’s pass an agenda that helps them succeed. Tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow.
President Barack Obama, State of the Union Address, January 24, 2012.

BUT, while a bill which would allow relatively small amounts of money to be raised through crowdfunding, including through sites such as Kickstarter, was passed by the House of Representatives by a 413-11 vote in November 2011, the narrower Senate version of the bill is languishing in the Senate Banking Committee.

Scott Edward Walker at Forbes: “Crowdfunding Bill Stuck in the Senate”

Background on the House Entrepreneur Access to Capital Act“The Entrepreneur Access to Capital Act and What It Could Mean for Startups” posted by the law firm of Sheppard Mullin at the Venture Law Blog.

Text of House Bill (passed): H.R. 2930: Entrepreneur Access to Capital Act.

Text of Senate Bill (in committee): S. 1791: Democratizing Access to Capital Act of 2011.

Senator Scott Brown, sponsor of the Democratizing Access to Capital Act, testifying in front of the Senate Banking Committee in support of the bill.

See alsoSenator John Thune, sponsor of the Senate’s Access to Capital for Job Creators Act, calls on the Senate Banking Committee to move forward on his bill which would eliminate the prohibition on general solicitation and general advertising from Regulation D, Rule 506 offerings, provided all purchasers are accredited investors.

Interesting Academic Papers: May, June and July 2011

“Innovation and Job Creation in a Global Economy: The Case of Apple’s iPod” by Greg Linden, Jason Dedrick, and Kenneth L. Kraemer from the Journal of International Commerce and Economics.

“Proceed at Your Peril: Crowdfunding and the Securities Act of 1933” by Joan Heminway and Shelden Hoffman.

“Click Trajectories: End-to-End Analysis of the Spam Value Chain” by fifteen researchers from four institutions—the University of California at Berkeley, University of California at San Diego, the International Computer Science Institute, and Budapest University of Technology and Economics.