A BILL 
To amend provisions in the securities laws relating to regula-
tion crowdfunding to raise the dollar amount limit and 
to clarify certain requirements and exclusions for funding 
portals established by such Act. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Fix Crowdfunding Act’’. 
SEC. 2. CROWDFUNDING VEHICLES. 
(a) AMENDMENTS
TO
THE
SECURITIES
ACT
OF 
1933.—The Securities Act of 1933 (15 U.S.C. 77a et seq.) 
is amended— 
(1) in section 4A(f)(3), by inserting ‘‘by any of 
paragraphs (1) through (14) of’’ before ‘‘section 3(c)’’; 
and 
(2) in section 4(a)(6)(B), by inserting after ‘‘any 
investor’’ the following: ‘‘, other than a crowdfunding 
vehicle (as defined in section 2(a) of the Investment 
Company Act of 1940),’’. 
(b) AMENDMENTS TO THE INVESTMENT COMPANY ACT 
OF 1940.—The Investment Company Act of 1940 (15 
U.S.C. 80a-1 et seq.) is amended— 
(1) in section 2(a), by adding at the end the fol-
lowing: 
‘‘(55) The term ‘crowdfunding vehicle’ means a 
company— 
‘‘(A) whose purpose (as set forth in its orga-
nizational documents) is limited to acquiring, 
holding, and disposing securities issued by a sin-
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gle company in one or more transactions and 
made pursuant to section 4(a)(6) of the Securi-
ties Act of 1933; 
‘‘(B) which issues only one class of securi-
ties; 
‘‘(C) which receives no compensation in 
connection with such acquisition, holding, or dis-
position of securities; 
‘‘(D) no associated person of which receives 
any compensation in connection with such ac-
quisition, holding or disposition of securities un-
less such person is acting as or on behalf of an 
investment adviser registered under the Invest-
ment Advisers Act of 1940; 
‘‘(E) the securities of which have been issued 
in a transaction made pursuant to section 
4(a)(6) of the Securities Act of 1933, where both 
the crowdfunding vehicle and the company whose 
securities it holds are co-issuers; 
‘‘(F) which is current in its ongoing disclo-
sure obligations under Rule 202 of Regulation 
Crowdfunding (17 C.F.R. 227.202); 
‘‘(G) the company whose securities it holds 
is current in its ongoing disclosure obligations 
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under Rule 202 of Regulation Crowdfunding (17 
C.F.R. 227.202); and 
‘‘(H) is advised by an investment adviser 
registered under the Investment Advisers Act of 
1940.’’; and 
(2) in section 3(c), by adding at the end the fol-
lowing: 
‘‘(15) Any crowdfunding vehicle.’’. 
SEC. 3. CROWDFUNDING EXEMPTION FROM REGISTRATION. 
Section 12(g)(6) of the Securities Exchange Act of 
1934 (15 U.S.C. 78l(g)(6) is amended— 
(1) by striking ‘‘The Commission’’ and inserting 
the following: 
‘‘(A) IN GENERAL.—The Commission’’; 
(2) by striking ‘‘section 4(6)’’ and inserting ‘‘sec-
tion 4(a)(6)’’; and 
(3) by adding at the end the following: 
‘‘(B) TREATMENT OF SECURITIES ISSUED 
BY CERTAIN ISSUERS.—An exemption under sub-
paragraph (A) shall be unconditional for securi-
ties offered by an issuer that had a public float 
of less than $75,000,000 as of the last business 
day of the issuer’s most recently completed semi-
annual period, computed by multiplying the ag-
gregate worldwide number of shares of the 
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issuer’s common equity securities held by non-af-
filiates by the price at which such securities were 
last sold (or the average bid and asked prices of 
such securities) in the principal market for such 
securities or, in the event the result of such pub-
lic float calculation is zero, had annual revenues 
of less than $50,000,000 as of the issuer’s most 
recently completed fiscal year.’’. 
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