The SEC adopted final rules, here, to facilitate intrastate and regional offerings. The rules:
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modernize the intrastate offering exemption under Rule 147;
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establish a new intrastate offering exception as Rule 147A that is similar to Rule 147 but has no restrictions on offers that may leak to out-of-state residents (like through that new-fangled contraption my kids refer to as the “Internet”) and does not require the issuer to be organized in the state where the offering is made;
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amend Rule 504 under Regulation D to increase the $1 million offering limit to $5 million and add “bad actor” disqualifications like those that currently apply to Rule 505 and Rule 506 offerings; and
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delete Rule 505 under Regulation D, which is supplanted by revised Rule 504.
The SEC’s own summary of the rules is here.
Although Rule 147 is, with the adoption of Rule 147A, superfluous for federal exemption purposes, Rule 147 was retained so that states would not need to amend their crowdfunding rules. State intrastate crowdfunding laws reference offerings exempt under Section 3(a)(11), which does not allow offers outside the state, and Rule 147. Rule 147A is a broader exemption than is permissible under Section 3(a)(11).
The SEC’s Rule 504 changes are described as facilitating “regional” offerings because the North American Securities Administrators Association's coordinated blue sky review program is administered by region (see here). (Rule 504 does not preempt state blue sky laws.)
Rules 147 and 147A are effective 150 days after publication of the rules in the Federal Register, Rule 504 changes are effective 60 days after publication, and you may still rely on Rule 505 for 180 days after publication.
Nothing in Rule 147A or Rule 504 preempts state blue sky law, so expect Rule 506 (which does) to continue to be the overwhelming favorite way to raise money.