Ah missed the accredited investor part. But here's the thing: 1) Angel investing is break even at best (I quote Paul Buchheit on this) 2) in a VC lead round,

Ah missed the accredited investor part. But here's the thing: 1) Angel investing is break even at best (I quote Paul Buchheit on this) 2) in a VC lead round, the VC firm will fight to keep out individuals as much as possible if said individual is not a professional investor of sorts (ex: you're Marc Benioff). 3) Access is a greater barrier to entry than funds or accredited investor status. So when you combine the above, retail investors won't have access to great investment opportunities anyways, even when accredited investor status becomes defunct.