The implications of such needed change are monumental to the entrepreneur, to small businesses and to the economy -- all of which have been held back by lack of modern methods of capital formation. Despite the commercialized Internet being over 15 years old, the general public has nearly no access to private companies as an asset class, outside of their immediate circle. And yet, people of wealth (i.e. "accredited investors") can be readily solicited for funding, and thus have virtually unlimited access to potential private investments.
While this momentous event takes place at a U.S. congressional hearing, its significance is absolutely global. The U.K. already has an exemption in place, and at least one equity-based crowdfunding platform (Crowdcube) is operational in the U.K. Given the proliferation of other forms of crowdfunding throughout the entire world, it's a matter of time before other countries come on board. And thus there is also a strong competitive element in allowing crowdfunding for investment. In an Internet-based information economy, it will be virtually impossible to compete without bringing private investment into the Internet fray.
Please support Woody and the entire crowdfunding and entrepreneur community. The hearing should be webcast live. Also, C-SPAN decides on Monday, May 9, which programs it will broadcast for Tuesday. Update: unfortunately, they don't take inputs from the public.