The development of modern economies critically depends on the existence and smooth functioning of credit markets. Recent periods of crisis and economic turmoil have appreciably debilitated financing muscle in our economies. Accordingly, credit facilities have been dramatically limited. In such a context, the search for alternative financing sources has become a priority for social, business, research, or cultural projects. Crowdfunding emerges as an encouraging alternative to traditional funding sources able to promote, boost, and support a variety of projects. The increasing volume and scope of the phenomenon has increased legal concerns. Within this context, the aim of this research is two-fold. First, to outline crowdfunding from a legal perspective and to identify operating business models and legal variants. Second, to provide a framework for the comparative analysis of rules on crowdfunding in the EU and the US and to develop qualitative conclusions. A comparative approach to US/EU regulatory processes may reveal differing views both in legal solutions and in procedural decisions, which might provide some helpful insights to the process in the EU.
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