H.R. 3645 Reported by committee Finance and Financial Sector

ACCESS Act of 2025

To amend the Securities Act of 1933 to raise the offering amount threshold for when issuers using the crowdfunding exemption are required to file financial statements reviewed by a public accountant who is independent of the issuer, and for other purposes.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Meuser, Daniel [R-PA-9] Introduced May 29, 2025 Cosponsors 4 (4 R) Latest action July 15, 2025

Summary

Amendment for Crowdfunding Capital Enhancement and Small-business Support Act of 2025 or the ACCESS Act of 2025
This bill expands the exemption from certain disclosures applicable to crowdfunding issuers with specified target offering amounts. (Crowdfunding is used to raise capital through a large number of individuals investing potentially small amounts of money.) Under current law, crowdfunding issuers that have target offering amounts of $100,000 or less are not required to make available financial statements reviewed by an independent public accountant. The bill increases that amount to $250,000 and allows the Securities and Exchange Commission to increase this amount to no more than $400,000 upon recommendation of the Office of the Advocate for Small Business Capital Formation and the Office of the Investor Advocate.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Jul 15, 2025 Placed on the Union Calendar, Calendar No. 166.
  2. Jul 15, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-203.
  3. Jun 10, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
  4. Jun 10, 2025 Committee Consideration and Mark-up Session Held
  5. May 29, 2025 Referred to the House Committee on Financial Services.
  6. May 29, 2025 Introduced in House

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