The dilemma for equity crowdfunding in the US as of 2012 was how the Securities and Exchange Commission (SEC) is going to regulate the entire process. At the time, rules and regulations were being refined by the SEC, which had until 1 January 2013, to tweak the fundraising methods. The regulators were overwhelmed trying to regulate Dodd – Frank and all the other rules and regulations involving public companies and the way they trade. Advocates of regulation claimed that crowdfunding would open up the flood gates for fraud, called it the "wild west" of fundraising, and compared it to the 1980s days of penny stock "cold-call cowboys". The process allows for up to $1 million to be raised without some of the regulations being involved. Companies under the then-current proposal would have exemptions available and be able to raise capital from a larger pool of persons, which can include lower thresholds for investor criteria, whereas the old rules required that the person be an "accredited" investor. These people are often recruited from social networks, where the funds can be acquired from an equity purchase, loan, donation, or ordering. The amounts collected have become quite high, with requests that are over a million dollars for software such as Trampoline Systems, which used it to finance the commercialization of their new software.