Crowdfunding offerings meeting the requirements of the exemption would be exempt from state blue sky regulation relating to registration, documentation and offering requirements. Securities issued in a crowdfunding transaction will be restricted for one year after purchase, unless they are registered or are transferred to the issuer, an accredited investor or a family member, or in connection with the purchaser’s death or divorce.
The SEC is seeking public comment on the proposed rules for 90 days.
The link to the SEC’s press release and fact sheet on the proposed rule is here, and here is a link to the proposing release.