CROWDFUNDING SYSTEMS: evaluation and government regulation in the conditions of reengineering

ڰ constant and significant dynamics in the number of participants in crowdfunding activities, the number of crowdfunding projects, the share of successfully implemented crowdfunding campaigns, the amount of financial resources raised through crowdfunding, etc. The functions and tasks implementation of state regulation of crowdfunding activities requires the definition and use of methods and tools of public administration aimed at ensuring the achievement of the goals (Kuzmin, Honchar et al., 2019; Kuzmin, Maslak et al., 2018; Ovcharuk et al., 2019). We consider methods as the ways of managerial influence of the management system on the managed one, that is, the managerial influence of state authorities on crowdfunding activities and its development. Regarding the subject of crowdfunding regulation, in developed countries of the world, public authorities play the main role in the management and regulation of such activities. They involved in the management of financial markets, securities, and banking institutions. Thus, for example, in the United States, the state body that directly manages participants in crowdfunding systems is the U.S. Securities and Exchange Commission was created. Its main mission is to protect investors, support fair, ordered, and efficient markets, and promote capital formation. In the USA, as in Ukraine, deposits of the population are guaranteed by the state (in the USA — by federal authorities and federal laws). The market for stocks, bonds, and other securities is not guaranteed by state or federal bodies, that is why the U.S. Securities and Exchange Commission was created. The laws and regulations governing the securities industry in the United States are characterized by a simple and straightforward approach: all investors, whether large companies or individuals, must have access to certain basic facts about investments before investing in them. To achieve this goal, the U.S. Securities and Exchange Commission requires public companies to disclose a significant portion of financial and other information. The result of this information flow is an active, efficient, and transparent capital market that facilitates the formation of capital, which is an important task for the economy of each country. U.S. Securities and Exchange Commission constantly works with all the main participants of the financial market, analyzes the problematic aspects of their experience in the financial market in order to constantly improve their activities. It mainly regulates this type of crowdfunding, 91