The economic impetus for easing the burden on small- and medium-sized companies raising small amounts of capital from numerous investors, or crowdfunding, that led to the JOBS Act in the USA is similar to that in the European Union. Technology offers a way to connect sources and users of funding that was not previously available. In both the USA and European Union, the offer and sale of securities is heavily regulated, burdening issuers and intermediaries with legal obligations. The JOBS Act eased some of the burdens on small crowdfunding offerings so long as the issuer meets specific statutory requirements, such as using a registered broker-dealer or new 'funding portal' as an intermediary. In Europe, varied national regulations make cross-border crowdfunding more difficult to implement, but that does not prevent the national crowdfunding schemes that are starting to appear.