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

27. Financial Regulatory Agencies · Notable

Streamline Regulation A and Regulation CF and preempt blue sky rules for Reg A

Not started

830 27. Financial Regulatory Agencies

“Simplify and streamline Regulation A (the small issues exemption) and Regulation CF (crowdfunding) and preempt blue sky registration and qualification requirements for all primary and secondary Regulation A offerings.”

What has happened

  1. Not started

    Neither half of this ask has moved. Regulation A and Regulation Crowdfunding are unamended: the only Federal Register records touching them in the window are routine Paperwork Reduction Act renewals of the Regulation Crowdfunding intermediary and funding-portal collections, and the SEC's own regulatory agenda published 2026-08-14 lists 'Updating the Exempt Offering Pathways' (RIN 3235-AN42) as a proposal it expects to issue in October 2026 - an intention, not an action. Blue sky preemption for Regulation A offerings is likewise untouched: the Registered Offering Reform proposal of 2026-05-26 would preempt State registration for offerings registered under the Securities Act, and Regulation A offerings are exempt rather than registered, so the proposal does not reach them. In Congress the Regulation A+ Improvement Act would raise the Tier 1 ceiling from $5 million to $50 million and the Tier 2 ceiling from $50 million to $150 million; the House version, H.R. 6541, was reported and placed on the Union Calendar on 2026-02-25 and has not been voted, and the Senate companion S. 4170 was referred to Banking on 2026-03-24. Under playbook §3b a bill reported to a calendar is still not-started.

Research log

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

Research notes

Three separate asks in one sentence, and none has landed.

  • Simplify and streamline Regulation A. No rulemaking. The SEC’s Regulatory Flexibility Agenda published on 2026-08-14 (https://www.federalregister.gov/documents/2026/08/14/2026-16619/regulatory-flexibility-agenda) carries RIN 3235-AN42, “Updating the Exempt Offering Pathways”, whose abstract says the Division of Corporation Finance “is considering recommending that the Commission propose rule amendments to facilitate capital formation and simplify the pathways for raising capital for, and investor access to, private businesses”. The estimated NPRM date is October 2026. An agenda entry is a statement of the Chairman’s priorities, not a directive, so it does not reach attempted.
  • Simplify and streamline Regulation CF. Nothing at all. Regulation Crowdfunding appears in the window only in four information-collection renewals for the intermediary and funding-portal rules.
  • Preempt blue sky for all primary and secondary Regulation A offerings. Tier 2 primary Regulation A offerings are already preempted by Securities Act section 18(b)(4)(D), which predates the window; Tier 1 and Regulation A resales are not, and nothing in the window changes that. The Registered Offering Reform proposal (2026-05-26) would define “qualified purchaser” under section 18(b)(3) so that securities sold in a registered offering become covered securities. Regulation A is an exemption from registration, so the proposal leaves it where it was. That proposal is cited on #2139, whose Quote is about securities traded on established markets.
  • The bills. H.R. 6541 and S. 4170 raise the Regulation A ceilings, which is an expansion of the exemption rather than a simplification of its mechanics, and neither has passed a chamber. The ceiling increase is recorded here because it is the closest congressional action to the ask, not because it delivers it.
Action
restrict
Object
Regulation A, Regulation CF, and state blue sky registration requirements
ID
2130