> You can argue that it should work like that, but we intentionally decided to make SEC regulation the rule, and only grant exceptions for investors who have de

> You can argue that it should work like that, but we intentionally decided to make SEC regulation the rule, and only grant exceptions for investors who have demonstrated they can handle the risk. We had no say in this. The SEC unilaterally created modern day (1970s onward) accredited investor rules, although I'm sure they had their routine public comment period as if that made a difference. The 1930s Congress and public had no idea that exemption from their protection would take shape this way. Former accredited investor-like rules relied on financial literacy tests. These were predictable discriminatory and even the most compliant financial firms found them to be too vague. The SEC switched to the money tests to solve the lack of clarity and discrimination problems, LOL OOPS.