,,ii  #aagth ,,congress  #b;d ,session  
,s4 #cifg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #cj1    
#bjbb,mr4 ,moran introduced the         
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend the ,securities ,act  
of #aicc to preempt ,state securities   
law requiring registration for secondary
 transactions1 and for other purposes4  
#a4 ,short title ,this ,act may be cited
 as the ,improving ,crowdfunding        
,opportunities ,act4  #b4 ,crowdfunding 
revisions  7a7 ,exemption from ,state   
regulation ,section #ah7;b77#d77;,a7 of 
the ,securities ,act of #aicc 7#ae      
,u4,s4,c4 #ggr7b77#d77;,a77 is amended  
by striking pursuant to section and all 
that follows through the semicolon at   
the end and inserting the following3    
8pursuant to--  7i7 section #ac or      
#ae7;d7 of the ,securities ,exchange    
,act of #aicd 7#ae ,u4,s4,c4 #ghm1      
#gho7d772 or  7ii7 section #d;,a7b7 or  

any regulation issued under that        
section2  4  7b7 ,liability for material
 misstatements and omissions ,section   
#d;,a7c7 of the ,securities ,act of     
#aicc 7#ae ,u4,s4,c4 #gg;d-#a7;c77 is   
amended-- 7#a7 by redesignating         
paragraph 7#c7 as paragraph 7#d72 and   
7#b7 by inserting after paragraph 7#b7  
the following3  7#c7 ,liability of      
funding portals ,for the purposes of    
this subsection1 a funding portal1 as   
that term is defined in section #c7;a7  
of the ,securities ,exchange ,act of    
#aicd 7#ae ,u4,s4,c4 #gh;c7a771 shall   
not be considered to be an issuer       
unless1 in connection with the offer or 
sale of a security1 the funding portal  
knowingly-- 7,a7 makes any untrue       
statement of a material fact or omits to
 state a material fact in order to make 
the statements made1 in light of the    
circumstances under which they are made1
 not misleading2 or  7,b7 engages in any
 act1 practice1 or course of business   
which operates or would operate as a    

fraud or deceit upon any person4  4  7c7
 ,applicability of ,bank ,secrecy ,act  
requirements  7#a7 ,securities ,act of  
#aicc ,section #d;,a7a7 of the          
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;d-#a7;a77 is amended-- 7,a7 in     
paragraph 7#aa71 by striking and at the 
end2  7,b7 in paragraph 7#ab71 by       
striking the period at the end and      
inserting 2 and2 and  7,c7 by adding at 
the end the following3  7#ac7 not be    
subject to the recordkeeping and        
reporting requirements relating to      
monetary instruments under subchapter   
,,ii of chapter #ec of title #ca1       
,united ,states ,code4  4  7#b7 ,title  
#ca1 ,united ,states ,code ,section     
#ecab of title #ca1 ,united ,states     
,code1 is amended by striking subsection
 7c7 and inserting the following3  7c7  
,additional clarification ,the term     
financial institution 7as defined in    
subsection 7a77-- 7#a7 includes any     
futures commission merchant1 commodity  
trading advisor1 or commodity pool      

operator registered1 or required to     
register1 under the ,commodity ,exchange
 ,act 7#g ,u4,s4,c4 #a et seq472 and    
7#b7 does not include a funding portal1 
as that term is defined in section      
#c7;a7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gh;c7a774  4  
7d7 ,provision of impersonal investment 
advice and recommendations ,section     
#c7;a7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gh;c7a77 is   
amended-- 7#a7 by redesignating the     
second paragraph 7#hj7 7relating to     
funding portals7 as paragraph 7#ha72 and
  7#b7 in paragraph 7#ha77;,a71 as so   
redesignated1 by inserting after        
recommendations the following3 7other   
than by providing impersonal investment 
advice by means of written material1 or 
an oral statement1 that does not purport
 to meet the objectives or needs of a   
specific individual or account74