H.R. 3352 · Where this bill is now
In the Senate
Passed the House Jun 23, 2025. Received Jun 24, 2025; no Senate vote yet
What this bill does
In plain words · AI-written from the official summaryEases pitch event rules for startup fundraising
The SEC currently restricts how companies can talk about themselves when raising money outside normal channels. This bill would let the SEC create exceptions for events—like pitch competitions or startup showcases—where companies can present themselves without hitting those restrictions. The main limits: companies can't push a specific investment deal, event organizers can't give investment advice or take fees tied to investments, and only basic information about any offering can be shared.
How it affects you
If you're an entrepreneur or startup founder, this could make it easier to present your company at angel investor events and pitch competitions. For investors in those communities, it means more relaxed rules at events where you can learn about new companies. Most everyday people won't directly feel this change since it affects how startup fundraising works behind the scenes.
Read the official summary (Introduced in House, May 13, 2025)
Helping Angels Lead Our Startups Act of 2025 or the HALOS Act of 2025
This bill directs the Securities and Exchange Commission (SEC) to exempt presentations and communications (e.g., product demonstrations) made at certain events from advertising and solicitation restrictions under Regulation D. (Regulation D exempts certain securities offerings from SEC registration requirements but prohibits general solicitation or general advertising with respect to such offerings.)
Under the bill, this prohibition does not apply to events where presentations or communications are made by or on behalf of an issuer, if
• the advertising does not refer to any specific offering of securities by the issuer;
• the event sponsor does not provide investment recommendations or advice to attendees, engage in investment negotiations with attendees, charge certain fees, or receive certain compensation; and
• no specific information regarding a securities offering is communicated beyond the type and amount of securities being offered, the unsubscribed amount, and the intended use of proceeds from the offering.
Exempt events must involve participation by more than one issuer and must be sponsored by specified entity types, including angel investor groups unconnected to broker dealers or investment advisors. Such events generally may not be held in facilities owned or operated by a religious organization. If such an event is virtual, online participation must be limited to investors associated with the sponsor organization, accredited investors, or individuals invited to the event based on industry or investment experience.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 3352
AN ACT
HALOS Act of 2025
Sponsor: Rep. Michael Lawler (R-NY-17) · Introduced May 13, 2025 · Finance and Financial Sector · 4 versions of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Jun 24, 2025: “Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.”