SEC issues five new Reg CF interpretations clarifying crowdfunding limits

On Feb 17, 2026 the SEC published five new Compliance and Disclosure Interpretations for Regulation Crowdfunding. They clarify that the $5M rolling 12-month raise cap is measured from the date of each closing (amounts drop off on each closing's anniversary), that 'annual income' for investor limits means the calendar year, and that switching platforms requires no prior sales, cancelled materials, and a brand-new Form C.