HALOS Act of 2025

The HALOS Act of 2025 would direct the Securities and Exchange Commission to create an exemption from advertising and solicitation rules for presentations made at certain events. Currently, federal securities law prohibits general advertising when companies raise money through certain types of offerings. This bill would allow companies to present and demonstrate their products at events sponsored by angel investor groups without violating those advertising restrictions, provided the presentations do not discuss specific investment terms or details.

For the exemption to apply, events would need to meet several conditions. Multiple companies must participate, and the event sponsor cannot provide investment advice, negotiate deals, or charge certain fees to attendees. The presentations could only include basic information about the type and amount of securities being offered and how the money would be used. For virtual events, online participation would be limited to investors already associated with the sponsor, accredited investors, or people invited based on their industry or investment experience.

If enacted, this bill would make it easier for early-stage startups to reach potential angel investors by allowing them to pitch at organized events without triggering strict advertising rules. This could help entrepreneurs connect with funding sources more efficiently. The bill has passed the House and is currently under review by the Senate Committee on Banking, Housing, and Urban Affairs.