In late 2015, the U.S. Securities and Exchange Commission (SEC) released two rule changes that may shape the future of equity investments in startups and small businesses. The two new rules directly address issues related to the accreditation of investors – an important element of the angel investment ecosystem that has long driven early stage investments in startups. In December, the SEC released a report on proposed changes to the definition of accredited investors. In November, the SEC released its rules for Title III of the JOBs Act that allows startups to raise equity from both accredited and non-accredited investors through a publicly solicited crowdfunding campaign. The new rules will allow equity crowdfunding to go into effect in May of 2016.