Bill · S. 3342· Senate(119-S-3342)
HALOS Act of 2025
- Introduced
- 12/4/2025
- Last activity
- 12/4/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Pete Ricketts
- Cosponsors
- - 0 - 1
- Introduced
- In Committee
What this bill would do
The HALOS Act of 2025 directs the Securities and Exchange Commission to update rules regarding general solicitation and advertising. Specifically, it requires a revision of Regulation D to allow issuers to make presentations or communications at certain types of events. These events can be sponsored by various entities, including angel investor groups, nonprofits, or educational institutions. The bill sets specific conditions for these events, such as limitations on what information can be shared and restrictions on the sponsor's role. This change aims to clarify how issuers interact with potential investors during these specific gatherings.
Yes· 3 of 5
Does this make it easier to run a small business?+5
The bill provides a new mechanism for issuers of early-stage companies to present their offerings to potential investors.
Would business owners be better off under this?+5
The bill assists business issuers by allowing them to communicate their offerings at various sponsored events.
Would high-income households be better off under this?+4
The bill benefits accredited investors and angel investor groups by providing structured opportunities to find early-stage investments.
The opposite
Does this make it easier to use public money at a school other than the local one?-1
The bill limits the use of religious organization facilities for these investment events, which may impact how some educational institutions host them.
Who it would affect, and how
Potential Positive Impacts for People
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Increased presentation opportunities for businesses: Issuers may be able to share information about their securities offerings at specific events without violating general solicitation prohibitions (Section 2.b).
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Support for angel investor groups: The bill defines an angel investor group as a group of accredited investors interested in investing personal capital in early-stage companies, allowing them to potentially sponsor events where issuers present (Section 2.a.1).
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Opportunities for educational and nonprofit entities: Institutions of higher education and nonprofit organizations can act as sponsors for events where issuers communicate their offerings (Section 2.b.1).
Potential Negative Impacts for People
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Risk of investing without specific offering details: Issuers are prohibited from sharing specific information about an offering of securities at these events, except for the type and amount of securities, the amount already subscribed for, and the intended use of proceeds (Section 2.b.5).
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Limitations on event facilities: Events cannot be held in facilities owned or operated by a religious organization, with the exception of certain accredited institutions of higher education (Section 2.b.2).
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Restrictions on event sponsors: Sponsors are prohibited from making investment recommendations, providing investment advice, or engaging in active investment negotiations (Section 2.b.4.A and 2.b.4.B).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Small Business Support+5Improves Economic Growth+3Increases Job Creation+3
- Demographic And Interest Groups
- Good For Business Owners+5Good For High Income Households+4
- Education And Technology
- Improves School Choice-1
- 12/4/2025
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Ruben GallegoDemocrat · Arizona