The change of financial climate following the 2008 financial crisis has given rise to the culture of crowdfunding. The stringent post-recession lending policies perused by banks and the resulting difficulties experienced by small businesses to get credit have compelled people to seek means of alternative lending as a way of sidestepping bank loans. The amount of money raised per crowdfunding campaign worldwide grows from year to year.
The rise of crowdfunding has led several countries to seek to regulate the industry for consumer protection reasons. For instance, the United States introduced new rules to govern equity crowdfunding, which came into effect on May 16, 2016. These rules regulate how so-called “regulation crowdfunding campaigns” may operate, but haven't prevented large funds being raised by campaigns.