Washington, DC - Ahead of the 150th Kentucky Derby, U.S. Congressman Andy Barr (KY-06) introduced the Regulation Advancement for Capital Enhancement (RACE) Act of 2024. This legislation simplifies the registration process required by the Securities and Exchange Commission (SEC) which will increase the ability of innovative companies to securitize thoroughbred racehorses, allowing everyday Americans to partake in the industry.
"The RACE Act is a critical step towards revitalizing the horseracing industry by creating a more accessible and efficient pathway for investments," said Congressman Barr. "This bill will help companies increase their ability to raise capital, allowing them to innovate, grow, and bring new opportunities to racing enthusiasts. By reducing the regulatory hurdles, we're democratizing and preserving the legacy of horseracing for future generations."
"The Regulation Advancement for Capital Enhancement (RACE) Act presents a common-sense solution to modernize racehorse ownership, acknowledging the growing diversity of owners, and opposes penalizing individuals and companies interested in fractional participation due to excessive federal regulations," said Tom Rooney, President/CEO of the National Thoroughbred Racing Association. "I express my gratitude to Congressman Andy Barr for his leadership on this crucial issue and continued support for our cherished sport."
"Congressman Barr's RACE Act allows businesses like ours to democratize the business of thoroughbred racehorse ownership, making it easier for us to offer investment opportunities and grow the sport of horseracing. By streamlining the process for registering horses to be issued, the bill will enable companies to bring products to market faster and with less regulatory uncertainty," said Michael Behrens, Founder/CEO of MyRacehorse.com. "This is a big win for entrepreneurs and investors alike, facilitating formation and fostering innovation and growth in the racing industry and beyond."
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