The JOBS Act, which stands for “Jumpstart Our Business Startups” was signed into law by President Barack Obama on April 5, 2012 with bipartisan support. The intention of the law was to make it easier for small businesses in the United States to raise capital.
In terms of Regulation Crowdfunding, the law set specific guidelines in Title III, also referred to as the CROWDFUND Act, which allows for small businesses to advertise, sell and issue securities through the use of crowdfunding. This was not something businesses were allowed to do previously and set the path for Regulation A, Regulation CF and even Regulation D 506(c).
Specifically looking at Regulation A, the JOBS Act raised the maximum offering size from $5M to $50M. This $50M limit would again be raised to $75M in a series of amendments approved by the SEC on November 2, 2020. In this series of November 2020 amendments, the Regulation CF maximum offering size was also increased from $1M to $5M.