US HB4171

Creates a new "micro-offering" exemption under the Securities Act of 1933 allowing small issuers to sell up to $250,000 in securities within a 12-month period without mandatory disclosures or SEC filing requirements

Exempted offerings remain subject to federal antifraud provisions, maintaining investor protection against fraudulent, manipulative, or deceptive conduct

Requires the SEC to establish disqualification rules within 270 days barring issuers with certain regulatory violations, including those convicted of securities-related felonies or misdemeanors, or subject to final orders from state or federal regulators for fraud

Preempts state securities registration requirements for offerings made under this new federal exemption, designating them as "covered securities"

Applies aggregate sales limits to the issuer and all entities under common control with the issuer to prevent circumvention of the $250,000 threshold