JOBs: firms will be limited in the amount of capital they can raise through crowdfunding ($1 million cap)
and will be subject to non-trivial disclosure regulations. As the North Amer- ican Securities Administrators Association points out: “The crowdfunding exemption is only an exemption from securities law registration requirements. It does not change the securities law disclosure requirements. The requirements of federal and state securities laws regard- ing disclosures, including disclosures of all material facts and risks to investors, remains in place.”