December 18, 2019
The fact that it takes 200+ in a concept paper on this issue should tell you that the current system is entirely too convoluted and complex.
SEC requirements should focus on what companies must do in terms of disclosures and in with the process of raising money. Not on how rich the person investing may or may not be.
The concept that any person should be restricted in their ability to invest their money based solely on how much money they have is, quite simply, a breach of the most basic freedoms our nation is intended to provide. It means that rich people have certain rights that lower wealth persons do not. And, it is odd when those same persons can walk into any casino and gamble away as much money as they desire.
To the extent that the SEC is going to continue to restrict an individual's right to make an investment decision then that restriction should be fair to all, meaning, it should be based on a knowledge qualification obtainable by anyone who desires to put in the effort to learn or use of qualified knowledgeable advisor -- not on income or wealth.