Project 2025 Tracker / What’s done, what’s next

27. Financial Regulatory Agencies · Notable

Exempt peer-to-peer lending from federal and state securities laws

Not started

831 27. Financial Regulatory Agencies

“Exempt peer-to-peer lending from federal and state securities laws and reduce the regulatory burden on Regulation CF debt securities.”

What has happened

  1. Not started

    Nothing in the window touches either half. Peer-to-peer lending platforms are still regulated as securities issuers under the Securities Act, and no exemption has been proposed: a quoted full-text search of every SEC Federal Register document since 2025-01-20 for 'peer-to-peer lending' returns zero, and no 119th-Congress bill in the Corpus carries peer-to-peer lending, marketplace lending or platform lending in its title. State securities laws are untouched for this purpose - the only preemption proposed in the window is the Registered Offering Reform proposal of 2026-05-26, which reaches offerings registered under the Securities Act and so does not reach platform notes sold under Regulation A or Regulation Crowdfunding. The Regulation CF debt-securities half is equally still: Regulation Crowdfunding appears in the window only in four Paperwork Reduction Act renewals of its intermediary and funding-portal collections, and the SEC's regulatory agenda of 2026-08-14 has no Regulation Crowdfunding entry.

    No action found yet. This entry is the starting point, not a finding.

Research log

What was searched, and what didn’t count as evidence

Research notes

  • Name the instrument. A federal exemption would be a Securities Act amendment or an SEC rule under section 28; state-law coverage could only be displaced by federal preemption, which needs either Congress or a Commission rule defining “qualified purchaser” under section 18(b)(3). None of the three exists for peer-to-peer lending.
  • Searched and empty. Federal Register full text, quoted, for “peer-to-peer lending”: 0 SEC documents in the window. Corpus title greps of bills.ndjson for “peer-to-peer”, “peer to peer”, “marketplace lend” and “fintech” return only mental-health bills, the Financial Technology Protection Act (a sanctions and illicit-finance measure) and the Bank-Fintech Partnership Enhancement Act (bank third-party risk management). None is this ask.
  • Adjacent and not counted. The Bank-Fintech Partnership Enhancement Act, H.R. 6552, was reported and placed on the Union Calendar on 2026-02-25; it governs how banks supervise fintech partners, which is bank regulation rather than securities-law coverage of platform lending.
  • Regulation CF debt. The Quote’s second clause asks for reduced burden on Regulation CF debt securities specifically. The Commission has not distinguished debt from equity in Regulation Crowdfunding at any point in the window, and its 2026-08-14 agenda entry “Updating the Exempt Offering Pathways” (RIN 3235-AN42, estimated October 2026) names neither.
Action
eliminate
Object
securities law coverage of peer-to-peer lending
ID
2135