Metro Lex News

U.S. Congressman Andy Barr has introduced the Regulation Advancement for Capital Enhancement (RACE) Act of 2024 ahead of the 150th Kentucky Derby. The bill aims to simplify the registration process required by the Securities and Exchange Commission to increase the ability of innovative companies to securitize thoroughbred racehorses, allowing everyday Americans to participate in the industry.

"This bill will help companies increase their ability to raise capital, allowing them to innovate, grow, and bring new opportunities to racing enthusiasts," said Congressman Barr. "By reducing the regulatory hurdles, we're democratizing and preserving the legacy of horseracing for future generations."

According to Tom Rooney, President/CEO of the National Thoroughbred Racing Association, "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."

Michael Behrens, Founder/CEO of MyRacehorse.com, expressed his support for the RACE Act, stating, "This is a big win for entrepreneurs and investors alike, facilitating formation and fostering innovation and growth in the racing industry and beyond."

The introduction of the RACE Act is seen as a positive step towards revitalizing the horseracing industry by creating a more accessible and efficient pathway for investments as the Kentucky Derby approaches its historic 150th edition.