Abstract: As the founding country of private equity, the United States adopted the third part of the Jobs Act in 2015, which made institutional innovation for the regulation of equity-based crowdfunding. On the one hand, the third part of the Jobs Act broke the restriction of traditional qualified investors, the number of investors and the financing amount, which highlighted the convenience, universality and flexibility of the equity-based crowdfunding in the Internet + era. On the other hand, through setting the start-up financing limit, the upper limit of investment, and the rights and obligations of the raised platform equity, a more comprehensively and strictly legal protection of the rights and interests of investors were done. The paper gives a detailed interpretation of the third part of the Jobs Act. In particular, it makes a comparative analysis of the regulatory system of equity-based crowdfunding before and after the implementation of the third part of the Jobs Act. Furthermore, it analyzes the regulatory advantages of the third part of the Jobs Act, in order to provide a reference for the improvement of the legal system of equity-based crowdfunding supervision in our country.