HALOS Act of 2025
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill directs the SEC to revise Regulation D so certain startup-pitch and demo-day communications at qualifying events do not count as prohibited general solicitation, subject to event and sponsor conditions.
Who Benefits and How
Early-stage companies, angel investor groups, incubators, accelerators, and similar ecosystem participants could gain more flexibility to discuss securities offerings at qualifying events without losing Regulation D eligibility.
Who Bears the Burden and How
The SEC would need to revise Regulation D, and issuers and event sponsors would need to satisfy detailed event-sponsor, disclosure, and communication limits to use the safe harbor.
Key Provisions
- Defines angel investor groups and issuers for purposes of the Act.
- Requires the SEC to revise Regulation D so certain presentations at qualifying events are not treated as general solicitation.
- Sets conditions on event sponsors, advertising, compensation, and offering information, and clarifies that attendance alone does not create a substantive pre-existing relationship.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
This bill directs the SEC to revise Regulation D so certain startup-pitch and demo-day communications at qualifying events do not count as prohibited general solicitation, subject to event and sponsor conditions.
Key Policy Areas
Finance, Government Administration
Primary Purpose
This bill directs the SEC to revise Regulation D so certain startup-pitch and demo-day communications at qualifying events do not count as prohibited general solicitation, subject to event and sponsor conditions.
Policy Domains
Main Provisions
Identified Gains
Contextual inference, no direct clause citation- Startups and early-stage investors seeking more flexibility to discuss offerings at qualifying events
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- The SEC and event sponsors that must implement and comply with the revised Regulation D framework
Contextual inference, no direct clause citation
Sponsors
Legislative Progress
In CommitteeMr. Ricketts (for himself and Mr. Gallego) introduced the following …
Read twice and referred to the Committee on Banking, Housing, …
Introduced in Senate
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Startups and other issuers that gain more flexibility to discuss securities offerings at qualifying events
Securities and Exchange Commission officials responsible for revising and enforcing the updated rule
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology