We've been talking about crowdfunding, and how it would disrupt the industry, for awhile. But critical mass is still coming and the sector is about to explode.

New federal and state regulations enacted last year will make it easier than ever for non-accredited investors to participate in deals. Here are some of the major legal developments that will change the future of real estate investment.

1. Regulation A goes into effect (June 2015)

Title IV of the JOBS Act, also known as Regulation A, allows businesses to raise up to $50M through crowdfunding—thus creating a potential alternative to traditional venture capital and private equity funding.

2. SEC adopts rules to permit crowdfunding (October 2015)

Under Title III of the Jobs Act, the SEC approved a regulatory framework for companies to offer and sell securities through crowdfunding. The final rules—which allow companies to raise a max of $1M—will go into effect on May 16 this year.

3. Fundrise opens the world's first eREIT (November 2015)

The crowdfunding platform established the trust under Regulation A, which allows Fundrise to accept small offerings from unaccredited investors without having to go through a registered broker-dealer.

4. SEC approves Overstock's plan to issue stock via the Internet (December 2015)

The decision signals a clear shift in the way financial securities will be traded in the future. The online retailer plans to issue stock through blockchain, tech underpinning the Bitcoin industry. Overstock Investors won't need to rely on broker-dealers or other intermediaries to conduct trades—a change that could deeply disrupt the securities market.