PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 00 · Introduced in House · May 13, 2025
Helping Angels Lead Our Startups Act of 2025 or the HALOS Act of 2025
This bill directs the Securities and Exchange Commission (SEC) to exempt presentations and communications (e.g., product demonstrations) made at certain events from advertising and solicitation restrictions under Regulation D. (Regulation D exempts certain securities offerings from SEC registration requirements but prohibits general solicitation or general advertising with respect to such offerings.)
Under the bill, this prohibition does not apply to events where presentations or communications are made by or on behalf of an issuer, if
Showing the opening paragraphs of the official summary.
the advertising does not refer to any specific offering of securities by the issuer;
the event sponsor does not provide investment recommendations or advice to attendees, engage in investment negotiations with attendees, charge certain fees, or receive certain compensation; and
no specific information regarding a securities offering is communicated beyond the type and amount of securities being offered, the unsubscribed amount, and the intended use of proceeds from the offering.
Exempt events must involve participation by more than one issuer and must be sponsored by specified entity types, including angel investor groups unconnected to broker dealers or investment advisors. Such events generally may not be held in facilities owned or operated by a religious organization. If such an event is virtual, online participation must be limited to investors associated with the sponsor organization, accredited investors, or individuals invited to the event based on industry or investment experience.
People & committees
Rep. Lawler, Michael [R-NY-17] · R–NY
Legislative record
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (consideration: CR H2866-2867)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (consideration: CR H2866-2867)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3352.
Considered under suspension of the rules. (consideration: CR H2866-2868)
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 93.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-123.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-123.
Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 1.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Jul 13, 2026. Consult Congress.gov for the current record.
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Analyze H.R.3352 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.3352 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
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