In a unanimous 51-0 vote, the House Financial Services Committee has approved H.R. 3645, known as the Amendment for Crowdfunding Capital Enhancement and Small-Business Support Act of 2025 or the “ACCESS Act.” This legislation, authored by Representative Dan Meuser (PA-09), aims to modernize Regulation CF and improve access to capital for small businesses across the United States.
The ACCESS Act proposes significant changes to existing regulations. It raises the threshold requiring a financial-statement review by a public accountant from $100,000 to $250,000. Furthermore, it allows the Securities and Exchange Commission (SEC) to increase this threshold up to $400,000 upon recommendations from relevant offices.
Rep. Dan Meuser emphasized that “America’s entrepreneurs shouldn’t have to choose between raising the capital they need and paying accountants more than they plan to raise.” He believes the updated thresholds will allow businesses like neighborhood breweries and tech start-ups to focus their resources on growth rather than compliance paperwork.
Chairman French Hill highlighted that under this bill, companies using crowdfunding exemptions will only need independent accountant reviews for offerings over $250,000. He praised Rep. Meuser for creating a bill that reduces regulatory burdens on small businesses seeking capital.
Subcommittee on Capital Markets Chairman Ann Wager also supported the act, stating that regulation crowdfunding is often crucial for small businesses raising early-stage capital outside traditional networks. She noted that current rules can misalign with these smaller issuers’ needs and risk profiles. The ACCESS Act seeks to update these requirements without compromising investor protections.
Following its committee approval, H.R. 3645 now advances to the House floor where Rep. Meuser aims for swift passage.
Regulation CF was established under the JOBS Act of 2012, enabling everyday investors to support early-stage companies online. Many start-ups fall below the current $100,000 financial-review threshold and face tough choices between costly compliance or abandoning crowdfunding efforts entirely. The ACCESS Act updates these thresholds for the first time in over ten years while allowing future adjustments by the SEC in response to economic changes.
