Abstract: The advent of the internet financial era has had a huge impact on traditional financial channels. Equity-based crowdfunding is of great importance to solve the problem of start-up financing. But as a new financing tool, the lack of supervision of equity-based crowdfunding in the Internet platform has caused many risks and problems in the practice of financing. Therefore, this paper will begin with the relevant legislation that has been enacted in the United States. This paper analyzes the representative problems of the legal system in China by the design and practice of the supervision system, then puts forward the effective measures.