> In California, the risk capital test considers whether there is attempt by an issuer to (1) raise funds for a business venture or enterprise (2) through an indiscriminate offering to the public at large, (3) where the investor is in a passive position to affect the success of the enterprise, and (4) the investor’s money is substantially at risk because it is inadequately secured.
That squarely sounds like any Kickstarter or crowdfunding arrangement.
The SEC & state authorities have limited prosecutorial resources -- my guess is they'll exercise prosecutorial discretion to only go after fraudulent schemes
That squarely sounds like any Kickstarter or crowdfunding arrangement.