| Crowdfunding is an activity which aims at achieving certain goals through the funds of a massive amount of people. It is not a brand new concept since the fund-raising activity throughout the ages embodied certain characteristics of crowdfunding. Within the rapid development of the Internet technology, the range of potential investors has increased dramatically which brings the crowdfunding to a new stage. Crowdfunding provides the middle and small-sized enterprises with an approach to deal with the difficulty in raising money. The domestic crowdfunding business is just in its infancy, its huge potential draws more and more attentions while the problem caused by the absent of supervision also become increasingly severe. Current crowdfunding operation modes, especially the equity-based crowdfunding, contain varies legal risks. Equity-based crowdfunding is an investment mode which mainly focusses on the middle and small-sized enterprises. It contains high risk with potentially fat profit. But due to the lack of feasible supervision, the equity-based crowdfunding market is not well regulated yet. This essay starts with an analysis of the characteristics as well as legal risks of the domestic crowdfunding business, through the comparison study of US crowdfunding regulation system as well as our current regulations, it tries to provide some constructive suggestions to the forming of crowdfunding exemption system in our country.The first part of the essay is a general study of the crowdfunding which comes with an analysis of the classification of different crowdfunding operation modes and its legal attributes.The second part is research of the US crowdfunding regulation. It tries to analyze the construction of the exemption system of the JOBS ACT from different aspects.The third part begins with the study of the legal risks involving the crowdfunding business and its regulations, follows the analysis of a domestic legal file which the essay believes to be a great but yet still insufficient attempt.The last part of the essay argues that crowdfunding exemption system is quite necessary for the comprehensive development of the crowdfunding industry. Then the essay provide some constructive suggestions for the establishment of the domestic crowdfunding exemption system. |
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