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HR 3645

ACCESS Act of 2025

119th Congress Introduced by Monica De La Cruz and 4 co-sponsors

The ACCESS Act of 2025 raises crowdfunding thresholds to $250,000, easing costs for small businesses and boosting their access to capital while protecting investors.

Reported (Amended) by the Committee on Financial Services. H. Rept. 119-203.
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Bill Summary · HR 3645

Summary of HR 3645 - ACCESS Act of 2025

Overview

Bill Number: HR 3645
Title: Amendment for Crowdfunding Capital Enhancement and Small-business Support Act of 2025 (ACCESS Act of 2025)
Introduced: May 29, 2025
Status: Reported (Amended) by the Committee on Financial Services (H. Rept. 119-203)
Primary Sponsor: Representative Daniel Meuser (PA-09)
Cosponsors: Representatives Monica De La Cruz, Lisa McClain, Zach Nunn, Maria Salazar

Purpose and Intent

The ACCESS Act of 2025 aims to amend the Securities Act of 1933 by increasing the offering amount threshold for crowdfunding exemptions. This change is intended to reduce the financial burden on small businesses and startups when raising capital through crowdfunding platforms.

Key Provisions

  • Increase in Offering Threshold:

    • The bill raises the threshold for when issuers must file financial statements reviewed by an independent public accountant from $100,000 to $250,000.
    • Additionally, the Securities and Exchange Commission (SEC) is granted the discretion to further increase this threshold to a maximum of $400,000 based on recommendations from the Office of the Advocate for Small Business Capital Formation and the Office of the Investor Advocate.

  • Technical Corrections:

    • The bill includes technical amendments to ensure clarity in the references to sections of the Securities Act.

Background and Need for Legislation

The current crowdfunding regulations, established under the JOBS Act of 2012, have been beneficial for small businesses, allowing them to raise funds without the burdensome requirements of full SEC registration. However, the requirement for independent financial reviews can be prohibitively expensive, especially for smaller issuers.

In 2024, crowdfunding raised only $343.6 million, an 18% decrease from the previous year. The temporary increase to a $250,000 threshold during the COVID-19 pandemic demonstrated that this adjustment could facilitate capital raising without compromising investor protections.

Impact

  • Who Would Be Affected:

    • Small businesses and startups utilizing crowdfunding platforms will benefit from reduced costs associated with financial statement reviews.
    • Investors may have increased access to a broader range of investment opportunities as more businesses can afford to participate in crowdfunding.

  • Potential Benefits:

    • Encourages capital formation for small businesses.
    • Supports economic recovery and growth by easing financial burdens on startups.

Legislative Process and Timeline

  • May 29, 2025: Bill introduced and referred to the Committee on Financial Services.
  • June 10, 2025: Committee considered and ordered the bill to be reported with amendments (Vote: 51-0).
  • July 15, 2025: Reported (Amended) by the Committee on Financial Services and placed on the Union Calendar.

Conclusion

The ACCESS Act of 2025 represents a significant step towards enhancing the crowdfunding landscape for small businesses, aiming to stimulate economic growth by making it easier for startups to access necessary capital while maintaining investor protections.

Compiled from official sources — confirm details with the bill’s official record.

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