HALOS Act of 2025

Sponsor

Summary

Helping Angels Lead Our Startups Act of 2025 or the HALOS Act of 2025This 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, ifthe 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; andno 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. 

Source: Congressional Research Service via Congress.gov · as of Jul 11, 2026

How it has moved

1. June 24, 2025Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2. June 23, 2025Motion to reconsider laid on the table Agreed to without objection.
3. June 23, 2025On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (consideration: CR H2866-2867)
4. June 23, 2025Passed/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)
5. June 23, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 3352.
6. June 23, 2025Considered under suspension of the rules. (consideration: CR H2866-2868)
7. June 23, 2025Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
8. June 3, 2025Placed on the Union Calendar, Calendar No. 93.
9. June 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-123.
10. June 3, 2025Reported (Amended) by the Committee on Financial Services. H. Rept. 119-123.
11. May 20, 2025Ordered to be Reported (Amended) by the Yeas and Nays: 50 - 1.