August 9, 2019
Proposal from previous House and Senate Bills
The SEC can determine anyone with qualifying education or personal experience in investments in a particular field may be considered an accredited investor. FINRA or another accredited self-regulatory agency must verify education and job experience for this to be acceptable.
Allow investors to declare themselves accredited investors. Register them through the SEC. Have a baseline test that they must pass that verifies their investment experience and have a signed document after passing this baseline test that confirms investors understand the risks and consequences of being accredited investors. Keep this process simple. Give ownership and responsibility of investing back to the individual.