The Pittsburgh Post-Gazette reports that "the Securities and Exchange Commission has yet to spell out exactly how crowdfunding portals should treat nonaccredited investors. That guidance is expected this month."
"Many states, including Texas, have enacted laws that allow crowdfunding exemptions for nonaccredited investors within its borders. Pennsylvania is not one of them."
"When the SEC pulls the trigger, Philip Racusin will be ready to pounce on a new pool of potential investors — some 80 million people."
"As the CEO of EnergyFunders.com , a Houston, Texas-based website catering to the oil and gas industry which has raised $1.8 million for five projects this year, Mr. Racusin is eager to extend the option of striking it oil-rich to people who, up until now, were locked out of the game."