SEC Crowdfunding Rules May Be ‘Too Restrictive’: Acting Chair

"These aggregate numbers may seem small relative to the amount of capital raised in other private and public markets," he added. "However, these represent the mere beginning of an entirely new funding channel. In fact, some of the results you will see today will highlight the fact that many of the entities engaging in crowdfunding may not have otherwise had access to capital."

Piwowar went on to note that he looks forward to seeing "empirical studies of capital raising" under the crowdfunding rules, but that he has "concerns as to whether the final rules are too restrictive or too burdensome. Many of these restrictions are embedded in the statute itself."

He said the commission should consider "whether any further steps should be taken to improve our crowdfunding regulations, including the use of exemptive authority" and that Congress may need to consider "whether any legislative changes to the law should be made."