Crowdfunding is disrupting traditional capital markets and investment models in a way that is bigger than the disruption faced by traditional media. It is estimated that over $905 billion is now invested through crowdfunding and peer-to-peer lending platforms, compared to just $75 billion through friends and family and $23 billion through venture capital. New applications of crowdfunding and peer-to-peer models are creating opportunities for retail and wholesale trading, derivative products from peer-to-peer lending, and allowing pension funds to cut out middlemen and reduce costs. Crowdfunding is introducing not only a new asset class but transforming existing asset classes like renewable energy, real estate, startups, and