Hacker at computer.

¿Financiación colectiva o engaño colectivo?

NEW HAVEN – Para encontrar un ejemplo perfecto de por qué es tan difícil hacer que los mercados financieros funcionen bien, basta pensar en las dificultades y controversias en torno de la financiación colectiva o crowdfunding en Estados Unidos. Tras más de tres años de deliberaciones, la Comisión de Valores de los Estados Unidos (SEC) emitió el mes pasado un dictamen que permitirá el crowdfunding auténtico; sin embargo, el nuevo marco regulatorio todavía no tiene todo lo que se necesita para impulsar el crowdfunding a escala mundial.

Por crowdfunding auténtico, o crowdfunding accionario, se entienden las actividades de plataformas en línea que venden acciones de empresas nuevas directamente a grandes números de pequeños inversores, eludiendo así los métodos tradicionales de financiación mediante capitales de riesgo o banca de inversión. El concepto es análogo a las subastas en línea, pero en vez de servir para que una persona ofrezca sus muebles a todo el mundo, el crowdfunding está pensado para recaudar dinero rápidamente, de personas entendidas, para empresas que los banqueros tal vez no comprendan. Suena estupendo, sin duda.

Las autoridades reguladoras fuera de Estados Unidos han sido en general más flexibles, y ya hay en funcionamiento varias plataformas de crowdfunding. Por ejemplo, Symbid en los Países Bajos y Crowdcube en el Reino Unido, ambas fundadas en 2011. Pero el crowdfunding todavía no es un actor de peso en los mercados mundiales. Y eso no cambiará a menos que se adopte una regulación financiera adecuada e innovadora.

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