For crowdfunding, the revolution will be localized

(MoneyWatch) Remember the JOBS Act? The 2012 law touted by President Barack Obama as a "game-changer" was going to free entrepreneurs to tap into oceans of online funding from small investors, spurring the creation of businesses and jobs.

https://www.evernote.com/shard/s632/sh/71f5d8e9-e889-4072-b5d4-bfea879cf7e4/0e32cfe0bffbfd5d0af6aa1a13c62e10

Don't hold your breath. Although the Securities and Exchange Commission has yet to write final rules for this form of "crowdfunding," the initiative is best described as follows: dead on arrival.

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