For several days, rumors have persisted that this is the week the Securities and Exchange Commission will finally vote on proposed crowdfunding rules, as mandated by the JOBS Act. Last night, the Commission confirmed that, indeed, it would do so on Wednesday.

At 10 a.m., Commissioners will consider “whether to propose rules and forms related to the offer and sale of securities through crowdfunding.” Title III of the Jumpstart Our Business Startups Act instructed the SEC to promulgate rulemaking to allow entrepreneurs to raise up to $1 million a year through crowdfunding campaigns and fundraising portals.

What's notable, and rather confusing, about the vote – aside from the long-awaited, much-debated task at hand – is why little more than one day of notice was given when the SEC is supposed to announce meetings at least seven days in advance. This will be the second major vote in recent weeks (the pay-ratio rule was the other), where less than a seven days notice was offered.

“The duty officer has determined that no earlier notice was possible,” the SEC's required “Sunshine Act notice” says, which doesn't quite jibe with the fact that, several days ago, crowdfunding insiders and media outlets accurately “predicted” the exact date the vote would occur. Why announce a vote, especially one with such interest, at the last minute? We wonder if that question might be posed by at least one Commissioner on Wednesday.

Depending on how the vote goes, and the details of the proposed rulemaking, the date selection could add fresh controversy to an already contentious process. Crowdfunding advocates have sharply criticized the SEC for allegedly dragging its feet on the matter, as rulemaking long ago missed its JOBS Act' established deadline.

Writing on the website crowdfundinsider.com, securities attorney Samuel Guzik, of the firm of Guzik & Associates, offered a dose of the cynicism emerging this morning with news of the meeting date.

“Was the shortened notice a conscious measure to implement 'crowd control' at the SEC's open meeting by cutting down the number of attendees?” he asked. “The more troubling issue is that it appears by all accounts that outside parties may have had “special” access to the Commission in the JOBS Act rulemaking process – with advance knowledge of the exact meeting date – and if it turns out that [an Oct. 17 Bloomberg report is correct] – specific terms of proposed crowdfunding rules regarding verification of investor eligibility.”