The JOBS Act passed through Congress quickly, pushed by AOL founder Steve Case and supported early on by President Barack Obama. Although Shapiro, the Council of Institutional Investors and other institutions like CalPERS were protesting, the law passed with minimal changes.

"There were some other fixes in the works that would have addressed many of the issues, but there wasn't sufficient support at the end to make those fixes," Mahoney said.

With all the changes that are taking place, supporters and critics of the JOBS Act both agree that there hasn't been an increase in IPOs or new jobs. That's in part due to delays at the SEC in drafting the rules to tell companies how to proceed with certain parts of the law.

"I think there's a lot of people watching the process now, a lot of people waiting to see the final rules from the SEC," Hambrecht said. "People are waiting and watching."