In the case of the Pebble, for example, despite disappointed and vocal funders, the holiday season came and went without a single unit shipped or even produced. Although the well-intentioned inventor posted regular updates on his progress as he sourced components from vendors around the globe and set up a production facility in China, he was not able to fill all of his crowdfunded orders until May 2013. 2 Anticipating these types of problems (and worse), the JOBS Act stipulated that equity crowdfunding required rules be set by the Securities and Exchange Commission (SEC), which were anticipated for January 2013 but are still in progress as of this writing