The ACCESS Act of 2026 would amend the Securities Act of 1933 to make it easier for small businesses raising money through SEC crowdfunding to comply with financial disclosure requirements. Under current law, issuers using the crowdfunding exemption must provide financial statements reviewed by an independent public accountant when the offering amount crosses certain thresholds. This bill raises those thresholds from $100,000 to $250,000, reducing the number of smaller offerings that must obtain a reviewed financial statement.
The bill also gives the SEC discretion to further increase the threshold from $250,000 up to $400,000, but only after recommendations from the Office of the Advocate for Small Business Capital Formation and the Office of the Investor Advocate. In addition, it makes technical corrections to update outdated statutory references from section 4(6) to section 4(a)(6).
Impact
If enacted, the bill would amend Section 4A of the Securities Act of 1933, changing federal crowdfunding disclosure rules for issuers relying on the crowdfunding exemption. The practical effect would be to lower compliance costs and administrative burdens for smaller capital raises by exempting more offerings from the requirement to provide reviewed financial statements, while preserving SEC authority to raise the threshold further within a capped range. The bill would primarily affect small businesses, startups, crowdfunding platforms, accountants, and investors participating in exempt securities offerings.
Sentiment
Based on the bill text and the absence of recorded committee debate or votes, the measure appears to be framed positively as a small-business support and capital formation bill. Its title and structure suggest a deregulatory, pro-entrepreneurship approach intended to streamline access to crowdfunding capital. No opposition or recorded controversy is available in the provided materials, so the overall sentiment cannot be assessed beyond the bill’s apparent policy intent.
Contention
The main policy tension is between reducing compliance costs for small issuers and maintaining investor protection through independent financial review. Supporters are likely to argue that the current $100,000 threshold is too low and imposes unnecessary expense on very small offerings, while critics may worry that raising the threshold could reduce transparency and increase risk for crowdfunding investors. The bill partially addresses that concern by allowing the SEC to adjust the threshold upward only after input from both the small-business and investor advocacy offices.