Cover Page by Dan Marom, Kevin Lawton

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Chapter | 13REGULATION AND POLICY STATUS

Avoidance and force only raise the level of conflict. . . . They have become parts of the problem rather than the solution.

—J. Dececco and A. Richards1

The Current State of Affairs

“I think we’re at the stage right now with crowdfunding that we were with eBay before eBay existed. When eBay started, the standard knock was that it was going to be an invitation to fraud. But eBay figured this out; they figured out a way to develop trusted networks so you wouldn’t give your money to crooks,”2 said Robert Litan, vice president for research and policy at the Kauffman Foundation. That well encapsulates the phase that crowdfunding has entered. Had eBay not figured it out, it would have perished, as people wouldn’t ...

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