Last year the SEC finally composed rules around Title III of the JOBS Act (about how crowdfunding for equity would be regulated). The rules, in our opinion, create a regulatory burden - on both those raising funds (the filmmakers) and the crowdfunding sites - so severe and costly that it undermines the ability for equity crowdfunding to make a material difference to our community.  The regulations, as written, capture neither the spirit nor the pragmatics of crowdfunding.