Shaping the Future of Capital Formation: Inside the CfPA 2025 Summit
From Capitol Hill to the conference stage, impact leaders united to strengthen the rules—and the reach—of crowdfunding for good.
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Shaping the Future of Capital Formation—From Capitol Hill to Main Street
The 2025 Regulated Investment Crowdfunding Summit, hosted by the Crowdfunding Professional Association (CfPA) at the historic National Union Building in Washington, D.C., brought together policymakers, regulators, industry leaders, and innovators to chart the next chapter for community-based finance. Over two packed days, the conversations centered on how to preserve the spirit of democratized investing while modernizing rules to make it easier for small businesses to raise capital responsibly.
Before the main conference began, I joined fellow CfPA board members for a day of advocacy on Capitol Hill. We met with senior Congressional staff from multiple offices, and I was encouraged by how receptive they were to our message: that the fundamentals of crowdfunding—broad access, transparency, and investor protection—should remain intact, even as regulations evolve to make the process more accessible and efficient for issuers. Across the board, staffers recognized the potential of crowdfunding to fuel entrepreneurship in communities that traditional finance too often overlooks.
At the summit itself, I had the privilege of moderating the panel Rewriting the Capital Formation Playbook, where we examined how rapid regulatory and market changes are reshaping capital access. Later, I joined Eve Picker and Jenny Kassan on Crowdfunded & Mission-Driven—The Double Dividend of Impact Investing, exploring how impact-oriented founders and investors are proving that doing good and doing well can align. The energy and optimism in every session underscored a simple truth: crowdfunding’s best days are still ahead.
Crowdfunded & Mission-Driven — The Double Dividend of Impact Investing
Our panel on Crowdfunded & Mission-Driven — The Double Dividend of Impact Investing captured the very heart of what makes regulated investment crowdfunding so powerful: it democratizes who gets to invest—and who gets funded. I had the privilege of joining two pioneering voices in the space, Eve Picker, founder and CEO of Small Change, and Jenny Kassan, CEO of Baltimore Community Commons and the 2025 president of the CfPA. Together, we explored how crowdfunding channels capital toward purpose-driven entrepreneurs who are reshaping their communities.
I shared why I see crowdfunding as the ultimate tool for impact. Platforms like Eve’s Small Change open the door to anyone, with investment minimums often as low as $100—or even $10 on some platforms. That accessibility transforms investing from an elite pursuit into something that truly belongs to everyone. When everyday people can invest even small amounts consistently, the compounding power becomes real—and the impact exponential.
Eve spoke passionately about her journey as a real-estate developer in Pittsburgh, frustrated by the lack of financing for projects that served people rather than profit alone. Traditional capital sources, she reminded us, tend to back the same developers over and over again—“mostly old white men”—producing cities that all look the same. Small Change was born from her conviction that local residents should have the chance to invest in the neighborhoods where they live and in the change they want to see.
Jenny built on that point, noting that impact investing through crowdfunding allows founders to design capital raises aligned with their missions rather than bending to the rigid models of institutional investors. Crowdfunding, she said, is already equipped to deliver real social impact right now—without waiting for large foundations or banks to catch up.
When Jenny asked how impact storytelling drives successful campaigns, I emphasized that it’s often the difference-maker. In traditional finance, talking about impact can close doors. In crowdfunding, it opens them. People respond to authenticity, to stories about founders improving their communities. I encouraged issuers to look closely at their work and recognize its genuine social benefits—it’s there, even when they don’t see it at first.
Eve made another crucial point: impact doesn’t mean sacrificing returns. Many projects on her platform share profits equally with all investors, often matching or outperforming traditional investments. I echoed that conviction, noting that diversified crowdfunding portfolios can rival the stock market—sometimes with less risk and greater resilience.
We closed by discussing needed reforms: simplifying financial-reporting thresholds, clarifying advertising rules, easing restrictions that prevent portal operators from investing on their own platforms, and dramatically expanding investor education. Until more people know crowdfunding exists, its potential remains untapped.
Still, the energy in that room was electric. Everyone could feel it—the sense that we’re not just funding companies, we’re funding change. Crowdfunding, when mission-driven, delivers what we call the “double dividend”: measurable financial return and meaningful social impact. And that’s exactly the future we’re building together.
Rewriting the Capital Formation Playbook
Moderating this powerhouse panel was one of the highlights of my week in Washington. Joined by Meighan Leon, Chief Legal Officer at DealMaker; Craig Denlinger, Managing Partner of Artesian CPA; and J. Martin Tate, Partner at Kunzler Bean & Adamson, we explored how fast the landscape of capital formation is changing—and how we, as an industry, can adapt.
From the outset, the discussion zeroed in on policy momentum. Meighan, who has been leading CfPA’s advocacy work on Capitol Hill, shared encouraging news: Congress is paying attention to the bottlenecks that hold back entrepreneurs. She pointed to pending legislation—most notably the Clarity Act and related Senate bills—that could modernize how digital assets and crowdfunding coexist. After months of gridlock, she said, optimism is rising as key committees, led by Chairman French Hill and Congresswoman Ann Wagner, push through long-stalled capital-formation bills. Her message was clear: the coming year could bring meaningful reforms that make it easier for small businesses to raise capital responsibly.
Craig offered a grounded, accountant’s perspective. He reminded us that sound financial reporting isn’t a nuisance—it’s strategy. As more Regulation A and Regulation CF issuers mature, their accounting needs are getting more complex. He described clients moving from QuickBooks chaos to SEC-compliant audits and even crossing the $50 million threshold that triggers full public-company reporting. Craig argued that lighter reporting requirements for private, non-traded issuers could save money without sacrificing transparency. He also called for raising the Reg CF cap beyond $5 million to keep pace with inflation and to reduce friction for growth-stage firms.
Marty brought a lawyer’s eye for innovation. He walked us through the creative structures reshaping how deals get done—everything from series LLCs that let investors own shares in individual real-estate or collectibles projects, to revenue-sharing agreements and tokenized securities. He described entrepreneurs blending Regulation A and Regulation CF offerings to reward customers with ownership, and even combining membership programs with equity participation. These hybrid models, he said, illustrate just how adaptable the crowdfunding framework has become.
We also touched on the surge of institutional interest. Meighan noted that what was once seen as a “last-resort” raise is now viewed as validation. When a company demonstrates traction through a community round, it signals credibility to venture and private-equity investors. Using SPVs to manage cap tables, tracking engagement metrics, and proving community support—all of it now forms part of the new playbook.
Our conversation closed on a hopeful note. Whether it’s accounting reform, legal creativity, or regulatory modernization, every panelist agreed: capital formation is becoming more open, more inclusive, and more innovative than ever before. Crowdfunding isn’t on the fringe anymore—it’s rewriting the rules of how capital flows in America.
Final Thoughts
The 2025 CfPA Regulated Investment Crowdfunding Summit was more than a conference—it was a movement in motion. From productive conversations on Capitol Hill to the vibrant exchanges on stage, one message came through loud and clear: impact and innovation go hand in hand. Together, we’re shaping a future where capital formation is more accessible, inclusive, and mission-driven—fueling entrepreneurs, investors, and communities alike. The energy in Washington made it unmistakable: crowdfunding’s next decade has already begun.
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Upcoming SuperCrowd Event Calendar
If a location is not noted, the events below are virtual.
Impact Cherub Club Meeting hosted by The Super Crowd, Inc., a public benefit corporation, on October 28, 2025, at 1:30 PM Eastern. Each month, the Club meets to review new offerings for investment consideration and to conduct due diligence on previously screened deals. To join the Impact Cherub Club, become an Impact Member of the SuperCrowd.
SuperCrowdHour, November 19, 2025, at 12:00 PM Eastern — Devin Thorpe, CEO and Founder of The Super Crowd, Inc., will lead a session on “Investing with a Self-Directed IRA.” In this session, Devin will explain how investors can use self-directed IRAs to participate in regulated investment crowdfunding while managing taxes and optimizing returns. He’ll break down when this strategy makes sense, how to choose the right custodian, and what fees, rules, and risks to watch for. With his trademark clarity and real-world experience, Devin will help you understand how to balance simplicity with smart tax planning—so you can invest confidently, align your portfolio with your values, and make your money work harder for both impact and income.
SuperGreen Live, January 22–24, 2026, livestreaming globally. Organized by Green2Gold and The Super Crowd, Inc., this three-day event will spotlight the intersection of impact crowdfunding, sustainable innovation, and climate solutions. Featuring expert-led panels, interactive workshops, and live pitch sessions, SuperGreen Live brings together entrepreneurs, investors, policymakers, and activists to explore how capital and climate action can work hand in hand. With global livestreaming, VIP networking opportunities, and exclusive content, this event will empower participants to turn bold ideas into real impact. Don’t miss your chance to join tens of thousands of changemakers at the largest virtual sustainability event of the year.
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