.svg)
Data Standard
The Universal Reporting Standard for Circular Investment Vehicles
The infrastructure that lets institutional capital, family offices, and retirement accounts actually deploy into community capital crowdfunding.
WHY THIS STANDARD EXISTS
They want to. They cannot.
Halfway through the 366-day experiment, I ran into something I wasn’t expecting.
Reg CF has been live since 2016. Hundreds of thousands of investors have deployed billions of dollars through it. And yet there is no universal reporting standard for circular investment vehicles. No agreed-upon format for how revenue-sharing returns are calculated. No standard cash-flow reporting. No way for a fiduciary to evaluate a portfolio of Reg CF positions the way they would evaluate a portfolio of public equities.
They Want to. They Cannot.
This is not a minor gap. It is the reason institutional capital, family offices, IRA custodians, and anyone with a fiduciary duty cannot deploy at scale into the most productive end of community capital.
So I started building the standard.
WHAT THE STANDARD DOES
A common format for circular investment vehicles.
The standard defines a common format for reporting on circular investment vehicles. It specifies:
How cash-flow returns are calculated and disclosed
How maturity, default, and recovery are reported
How portfolio-level aggregation works across instruments
How the data is structured so it can be imported into existing custodial and reporting systems
How platforms communicate the underlying parameters of each instrument in a machine-readable way
The standard is instrument-agnostic. It works for revenue-sharing notes, community bonds, productive loans, and any other vehicle where cash flow returns to the investor over time.
WHY IT MATTERS
From frontier to matureasset class.
For investors
You can finally evaluate your Reg CF holdings against the rest of your portfolio. You can see annualized returns calculated the same way across platforms. You can build a defensible thesis around community capital because the reporting now supports it.
For platforms
You become legible to institutional capital. Family offices and RIAs can recommend your deals. IRA custodians can hold your instruments. The barrier between you and the largest source of patient capital in the country comes down.
For founders
The cost of capital comes down. The investor pool expands. Circular instruments stop being “alternative” and start being a real option alongside equity.
For the ecosystem
The Reg CF asset class graduates from frontier to mature. The Jobs Act turned ten this year. This is the next ten.
WHERE THE STANDARD IS RIGHT NOW
Drafted, reviewed, adopted.
Drafted as the universal reporting standard by the CFPA investor committee, which I chair
Peer reviewed by industry practitioners across multiple platforms and policy organizations
Adopted formally by the CFPA board (current as of mid-2026)
Presented to the SEC by the CFPA policy committee
Submitted to Wefunder and other major Reg CF platforms for implementation
Being implemented in pilot form on at least one major platform as of this publication
How to Adopt the Standard
The goal is adoption, not gatekeeping.
If you operate a platform, the adoption guide and reference implementation are linked below. I am available to consult on the implementation, no fee, because the goal is adoption, not gatekeeping.
If you are an institutional allocator who wants to understand the standard so you can require it of platforms you evaluate, the policy brief gives you the language.
If you are a founder raising on a Reg CF platform, ask your platform if they have adopted the standard. If they haven’t, ask them when.
A Note on Why This Is Free
You don’t charge people for soil.
The standard is open. Free to read, free to adopt, free to fork.
The first two layers of any healthy economic system are substrate and circulation. The data standard is substrate. You don’t charge people for soil.
What I charge for is the advisory work that helps allocators actually deploy into the asset class the standard makes legible. That’s where the firm makes its money. The standard is the public good that makes the firm possible.