Evidence from 2021–2025 shows that no major expansion of U.S. equity‑crowdfunding law has actually been enacted during the Biden administration, and attempts to do so have struggled, which aligns with Sacks’s prediction that it would be “very hard” to expand these laws under the then‑current regime.

1. Reg CF limits have not been substantively expanded since 2021.
   The SEC’s own 2024 Regulation Crowdfunding overview still lists the same core framework as in early 2021: offerings must be conducted via registered intermediaries, and issuers may raise a maximum of $5 million in a 12‑month period, with standard investor limits and disclosure obligations.(sec.gov) That $5M cap comes from amendments adopted in November 2020 and made effective in March 2021—before or right as Biden took office—and were already in force months before the November 20, 2021 podcast.(en.wikipedia.org)

2. Post‑2021 changes have been technical inflation adjustments, not real liberalization.
   A 2023 American Bar Association review of 2022 regulatory developments notes that the SEC made inflation adjustments to various dollar thresholds in Regulation Crowdfunding (e.g., raising certain income/net‑worth thresholds and financial‑statement thresholds), but explicitly did not increase the overall $5M offering limit, because that had already been raised so sharply in March 2021.(americanbar.org) These tweaks modestly update numbers but do not broaden who can use Reg CF or how much capital can be raised in any transformative way.

3. A major expansion bill passed the House but stalled, with explicit White House opposition.
   H.R. 2799, the Expanding Access to Capital Act of 2023, included a title called the Improving Crowdfunding Opportunities Act, which would meaningfully expand equity crowdfunding by increasing how much can be raised and invested under Reg CF, loosening some issuer and portal requirements, and easing secondary trading constraints.(congress.gov) This bill passed the House in March 2024 but went to the Senate Banking Committee and has not advanced further.(congress.gov) The Biden Administration issued a formal Statement of Administration Policy strongly opposing H.R. 2799 on investor‑protection and worker‑classification grounds, signaling a clear lack of support for this style of liberalization.(presidency.ucsb.edu) This combination—House passage, Senate inaction, and White House opposition—is consistent with it being politically “very hard” to enact such expansions.

4. Even modest easing proposals remain only proposals as of late 2025.
   The ACCESS Act of 2025 (H.R. 3645) would make a narrower, technical change benefiting Reg CF issuers by raising the offering amount at which reviewed financial statements are required from $100,000 to $250,000, with authority for the SEC to go up to $400,000.(congress.gov) As of November 30, 2025, Congress.gov still shows the bill only reported out of committee and placed on the House Union Calendar, with status “Introduced” — it has not passed either chamber or become law.(congress.gov) So even relatively modest deregulatory adjustments have not yet cleared the full legislative process.

5. Advocacy for further expansion underscores that desired changes haven’t been achieved.
   Industry and policy groups continue to publish proposals under the banner of “JOBS Act 4.0” or similar agendas, calling for major improvements to Reg CF—such as lifting the cap to at least $10 million, more flexible investor limits, and broader use of special purpose vehicles—precisely because these expansions have not been adopted.(crowdfundinsider.com) The persistence of these campaigns without corresponding enacted reforms supports the view that getting real expansion through the current political and regulatory environment is difficult.

Putting this together: since Sacks spoke in November 2021, no substantial legislative or regulatory liberalization of U.S. equity‑crowdfunding law has actually taken effect, and the most ambitious expansion bill has been opposed by the administration and stalled in the Senate. The outcome matches his qualitative prediction that expanding crowdfunding laws under the Biden administration would be “very hard.”