Now that we have a great national initiative called Startup America, the point of which is to help startups, I am going to start writing more about how I think the law ought to be changed to help startups, in the hopes that someone in Washington, D.C. will listen and actually push to adopt some of what I am suggesting.

Yesterday, I blogged that the Internal Revenue Code ought to be changed to fix Section 83(b) elections–to reverse the presumption when no tax would be owed and deem them filed–to remove the burden of filing these forms within 30 days of founders entering into vesting stock repurchase agreements. In tax lawyer speak, to reverse the Alves case.

Today, I want to suggest that the Congress or SEC remove the prohibition on general solicitation in Regulation D.

If you are not familiar with this prohibition, if you are selling securities in an all accredited investor offering, then...