HALOS Act of 2025

The HALOS Act (Helping Angels Lead Our Startups Act of 2025) would direct the Securities and Exchange Commission to modify its rules on general solicitation and advertising. Specifically, it would exempt presentations and communications made at certain events from advertising restrictions under Regulation D, which currently prohibits general solicitation for certain securities offerings.

Under the bill, startups could present at events composed of accredited investors if specific conditions are met. The event sponsor cannot engage in investment negotiations, charge fees beyond reasonable administrative costs, or receive compensation for introductions. The sponsor must provide attendees with a one-page disclosure describing the event's nature and investment risks. Additionally, no specific information about a securities offering can be communicated except general information about the issuer's business.

If enacted, this would make it easier for early-stage companies to pitch to angel investors and venture capitalists at organized events without violating SEC advertising rules. The bill is currently under consideration by the Senate Banking, Housing, and Urban Affairs Committee.