IB 
Union Calendar No. 166 
119TH CONGRESS 
1ST SESSION H. R. 3645 
[Report No. 119–203] 
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. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 29, 2025 
Mr. MEUSER (for himself, Ms. DE LA CRUZ, Mrs. MCCLAIN, Mr. NUNN of 
Iowa, and Ms. SALAZAR) introduced the following bill; which was referred 
to the Committee on Financial Services 
JULY 15, 2025 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on May 29, 2025] 
VerDate Sep 11 2014 
22:28 Jul 15, 2025
Jkt 059200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H3645.RH
H3645
ssavage on LAPJG3WLY3PROD with BILLS
A BILL 
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 inde-
pendent of the issuer, and for other purposes. 
VerDate Sep 11 2014 
22:28 Jul 15, 2025
Jkt 059200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6652
E:\BILLS\H3645.RH
H3645
ssavage on LAPJG3WLY3PROD with BILLS
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 ‘‘Amendment for 
Crowdfunding Capital Enhancement and Small-business 
Support Act of 2025’’ or the ‘‘ACCESS Act of 2025’’. 
SEC. 2. OFFERING THRESHOLD FOR REVIEWS BY PUBLIC 
ACCOUNTANT. 
(a) IN GENERAL.—Section 4A of the Securities Act of 
1933 (15 U.S.C. 77d–1) is amended— 
(1) 
in 
subsection 
(b)(1)(D), 
by 
striking 
‘‘$100,000’’ each place such term appears and insert-
ing ‘‘$250,000’’; and 
(2) by adding at the end the following: 
‘‘(i) DISCRETION TO ADJUST AMOUNT.—The Commis-
sion may increase the amount specified in subsections 
(b)(1)(D)(i) and (b)(1)(D)(ii) from $250,000 to an amount 
not greater than $400,000 upon the recommendation of the 
Office of the Advocate for Small Business Capital Forma-
tion and the Office of the Investor Advocate.’’. 
(b) TECHNICAL CORRECTIONS.—Section 4A of the Se-
curities Act of 1933 (15 U.S.C. 77d–1) is amended— 
(1) by striking ‘‘section 4(6)’’ each place such 
term appears and inserting ‘‘section 4(a)(6)’’; and 
VerDate Sep 11 2014 
22:28 Jul 15, 2025
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6203
E:\BILLS\H3645.RH
H3645
ssavage on LAPJG3WLY3PROD with BILLS
(2) by striking ‘‘section 4(6)(B)’’ each place such 
term appears and inserting ‘‘section 4(a)(6)(B)’’. 
VerDate Sep 11 2014 
22:28 Jul 15, 2025
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6203
E:\BILLS\H3645.RH
H3645
ssavage on LAPJG3WLY3PROD with BILLS
VerDate Sep 11 2014 
22:28 Jul 15, 2025
Jkt 059200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6203
E:\BILLS\H3645.RH
H3645
ssavage on LAPJG3WLY3PROD with BILLS
Union Calendar No. 166 
119TH CONGRESS 
1ST SESSION 
H. R. 3645 
[Report No. 119–203] 
A BILL 
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 ac-
countant who is independent of the issuer, and 
for other purposes. 
JULY 15, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
22:28 Jul 15, 2025
Jkt 059200
PO 00000
Frm 00006
Fmt 6651
Sfmt 6651
E:\BILLS\H3645.RH
H3645
ssavage on LAPJG3WLY3PROD with BILLS