The SEC was mandated under the JOBS Act to finalize rules to allow crowdfunding by Dec. 31. The Wall Street Journal in December reported that the outgoing SEC chairman had delayed proposing rules to end the ban on general solicitation for investments because of concern over her legacy for protecting investors, and "interference" from consumer groups, concerned that opening up the flood gates for investment could lead to widespread fraud. While it might not be fair to comment on a federal official's concern over her legacy, there's no question that the SEC has failed to meet its legal mandate to implement the JOBS Act. President Obama last week nominated former federal prosecutor Mary Jo White to serve as the next permanent SEC chairman. Michael Zuppone, a partner in the corporate practice of Paul Hastings in New York, says "the SEC staff is working hard at crafting proposed regulations," but that it is "no surprise" that the agency missed the year-end deadline. In addition to Schapiro's departure, Meredith Cross also resigned. She was the SEC's director of the Division of Corporate Finance, who was leading the agency's implementation of the Dodd-Frank banking reform legislation, as well as the JOBS Act.