 The FINRA has played a role of evaluating and approving applications of funding portals.Some people see the federal crowdfunding legislation as unworkable, and several U.S. states have recently enacted or are considering their own crowdfunding exemption laws, to facilitate intrastate investment offerings that are already exempt from federal (SEC) regulation.These include the Invest Kansas Exemption, effective August 2011, and the Invest Georgia Exemption, effective December 2012, has $1m/$10k caps.