Update: Crowdfunding passes the Senate

The JOBS act passed the Senate today with bipartisan support (73-26).  However, the Senate added two notable restrictions to the crowdfunding provision to protect investors from fraud,the Senate’s amendment allows entrepreneurs to raise only $1 million a year and it must be through an SEC-registered crowdfunding site.  Before going to President Obama, the bill will go back to the House to reconcile the differences with the Senate version.