Both regulations contributed to the H1 decline

H1 2026 versus H1 2025 investment volume

INVESTMENT VOLUME

Reg CF and Reg A+ each declined by roughly 28% year over year.

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Period or category	H1 2025	H1 2026	YoY change
Reg CF	$193.9M	$139.3M	↓ 28.1%
Reg A+	$312.3M	$225.7M	↓ 27.7%
Combined	$506.2M	$365.0M	↓ 27.9%

Lens: INVESTMENT VOLUME (FLOW). Source: Kingscrowd data. Generated 2026-07-18. Investment volume is gross activity recorded by date and may include commitments later revised, canceled, refunded, or reclassified. Uses the current comparable public monthly series.