MNvest — the initiative to legalize an entrepreneurs ability to access money via equity crowdfunding throughout Minnesota — is in limbo after a series of circus acts at the state capitol as of late.
In this latest episode of Minnesota’s political masquerade, Governor Mark Dayton vetoed three large budget bills, including the omnibus jobs and energy bill (HF 1437) in which MNvest ultimately became situated post House & Senate.
Citing a number of reasons why it was rejected, the Governor made no specific mention of MNvest, which is a miniscule ~$200k expense lost in the two hundred and fifty million a year plus sought by Minnesota’s Department of Commerce, a known adversary of liberating the markets.
Unfortunately for Minnesota’s entrepreneurial and broader business climate, MNvest is simply guilty by association in this all or nothing scenario. It’s believed that an upcoming one day “special session” will be scheduled to deal with the veoted bill, in which the actors will gather one last time with intentions of reaching a compromise before “shutting down”.