Crowdinvesting is a relatively young phenomenon, but already in the early years of its existence, various legal issues have emerged. Questions of capital market law as well as general civil law come to the forefront. The author consolidates the range of legal problems and develops universally applicable criteria for legal handling. Economic and social aspects of crowdfunding are also taken into account. In the end, there are not only concrete regulatory proposals but also foundations for future regulatory approaches to crowdfunding in Germany and Europe. A cursory examination of the Small Investor Protection Act, which came into force on July 10, 2015, complements the fundamental theoretical considerations.