There has been a great deal of press lately about the proposed "Dodd Bill" that was designed to protect investors from Madoff-type schemes. In creating the bill, there were two key changes that had the potential to quash angel investing: raising the limits for accredited angels and requiring an entrepreneurial company raising funds to notify the SEC and get clearance, as well as all states in which the company is raising funds. The good news is that thanks to an intense lobbying effort by the Angel Capital Association and others, the bill will be revised. See the details here:
http://www.businessweek.com/news/2010-04-23/angel-investors-close-to-deal-removing-curbs-from-finance-bill.html