A Republican bill with 1 Democratic cosponsor · See the cosponsor
Last activity — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
The HALOS Act of 2025 directs the Securities and Exchange Commission to update rules regarding general solicitation and advertising. Specifically, it requires a revision of Regulation D to allow issuers to make presentations or communications at certain types of events. These events can be sponsored by various entities, including angel investor groups, nonprofits, or educational institutions. The bill sets specific conditions for these events, such as limitations on what information can be shared and restrictions on the sponsor's role. This change aims to clarify how issuers interact with potential investors during these specific gatherings.
Yes· 3 of 5
- Scored +5
Does this make it easier to run a small business?
The bill provides a new mechanism for issuers of early-stage companies to present their offerings to potential investors.
- Scored +5
Would business owners be better off under this?
The bill assists business issuers by allowing them to communicate their offerings at various sponsored events.
- Scored +4
Would high-income households be better off under this?
The bill benefits accredited investors and angel investor groups by providing structured opportunities to find early-stage investments.
The opposite
- Scored -1
Does this make it easier to use public money at a school other than the local one?
The bill limits the use of religious organization facilities for these investment events, which may impact how some educational institutions host them.
Who it would affect, and how
Potential Positive Impacts for People
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Increased presentation opportunities for businesses: Issuers may be able to share information about their securities offerings at specific events without violating general solicitation prohibitions (Section 2.b).
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Support for angel investor groups: The bill defines an angel investor group as a group of accredited investors interested in investing personal capital in early-stage companies, allowing them to potentially sponsor events where issuers present (Section 2.a.1).
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Opportunities for educational and nonprofit entities: Institutions of higher education and nonprofit organizations can act as sponsors for events where issuers communicate their offerings (Section 2.b.1).
Potential Negative Impacts for People
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Risk of investing without specific offering details: Issuers are prohibited from sharing specific information about an offering of securities at these events, except for the type and amount of securities, the amount already subscribed for, and the intended use of proceeds (Section 2.b.5).
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Limitations on event facilities: Events cannot be held in facilities owned or operated by a religious organization, with the exception of certain accredited institutions of higher education (Section 2.b.2).
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Restrictions on event sponsors: Sponsors are prohibited from making investment recommendations, providing investment advice, or engaging in active investment negotiations (Section 2.b.4.A and 2.b.4.B).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Economy And Finance
- Does this make it easier to run a small business? — The bill provides a new mechanism for issuers of early-stage companies to present their offerings to potential investors. Is this likely to grow the economy? — The bill facilitates easier capital formation for early-stage businesses through permitted presentations at specific events. Is this likely to create jobs? — By easing restrictions on general solicitation, the bill may help early-stage companies access capital to expand and hire.
- Demographic And Interest Groups
- Would business owners be better off under this? — The bill assists business issuers by allowing them to communicate their offerings at various sponsored events. Would high-income households be better off under this? — The bill benefits accredited investors and angel investor groups by providing structured opportunities to find early-stage investments.
- Education And Technology
- Does this make it easier to use public money at a school other than the local one? — The bill limits the use of religious organization facilities for these investment events, which may impact how some educational institutions host them.
- 12/4/2025
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Ruben GallegoDemocrat · Arizona