Who is an accredited investor?: US Congress introduces H.R.1585 - Fair Investment Opportunities for Professional Experts Act
Congress introduces bill to expand the meaning of accredited investor
This specific act could allow an exemption for investors in ICOs who are demonstratively experts in their profession. This means many of us (myself included) could be considered accredited investors under this new criteria below:
“(E) any natural person the Commission determines, by regulation, to have demonstrable education or job experience to qualify such person as having professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the Financial Industry Regulatory Authority or an equivalent self-regulatory organization (as defined in section 3(a)(26) of the Securities Exchange Act of 1934); or”.
This is very good news for the crypto space if it passes and we should all get beyond this because it will allow for ICOs to raise money legally without as much risk. It also lowers the barrier to entry without attracting money from people who have limited or no understanding of what the investment is.
UPDATE: Read the discussion transcript https://www.congress.gov/crec/2017/11/01/CREC-2017-11-01-pt1-PgH8320.pdf
Great news, a step in the right direction. My opinion is that the concept itself is paternalist and should be wiped out completely. It assumed people were stupid if they were not rich.
This is good news not only for crypto but for all asset classes actually.
The pessimist in me is scared of this phrase ...
It can go both ways ... that's always a lawyers loop-hole.
At the first look it definitely is great but the proposal seems to be lacking details. It looks very subjective and does not spell out how the actual accreditation status would be determined!
Very Nice post and information..
That’s great news indeed! I support! Curious if will pass and if other countries will follow...
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