Well sure, but that doesn't make it legal. :P AFAIK, this new law was written up by Mary Jo White, Obama's new appointee to chair the SEC. The previous chairwoman was very opposed to crowdfunding and slowed down/blocked a previous version of the rules.

One thing I've been trying to work out is if there is a difference between crowdfunding as we know and love it on Kickstarter and IndieGoGo vs "equity crowdfunding" which is what the rules apply to. Whether equity crowdfunding is the legal term for crowdfunding or whether it means shares of a company, ie stock.