Giving Tuesday: Help Us Fix the Accredited Investor Rule
- Nicolas Morgan
- Dec 1, 2024
- 2 min read
This Giving Tuesday, you can help tear down one of the most significant barriers to economic mobility in America.
December 3rd, 2024
Dear ICAN Partners,
This Giving Tuesday, you can help us tear down one of the most significant barriers to economic mobility in America: the Accredited Investor Rule.
Despite no evidence that wealth equals financial sophistication, the SEC's outdated "accredited investor" definition effectively prevents those earning less than $200,000 a year (or with a net worth of less than $1 million) from making private market investments. In a misguided attempt at “protecting” investors, the arbitrary regulation sharply restricts the ability of nearly 90% of Americans to put their money to work, limiting their opportunities to improve their financial circumstances and, by extension, that of their families and communities.
In an era where anyone can place bets on sports or play poker for money from their phone, it's absurd that the SEC still maintains these paternalistic restrictions on private market investments that can enrich communities and enable access to financial opportunities. While the government trusts Americans to risk their money on gambling apps, it prevents these same individuals from accessing significant wealth-building opportunities in private equity and early-stage ventures. The restrictions can also have a devastating effect on entrepreneurs in historically disadvantaged communities, who often struggle to raise capital from their networks of family and friends due to accredited investor rules.
ICAN is founded on a belief that the freedom of individuals to make informed decisions about personal investments is a cornerstone of the American Dream. Two years ago, we petitioned the SEC to replace wealth requirements with criteria based on financial knowledge and experience. Since the regulatory agency has failed to act, we are now seeking a judicial order compelling the SEC’s response, part of our ongoing effort to ensure that all Americans have access to robust capital markets and their potential benefits.
This Giving Tuesday, I hope you will consider donating to help us:
Challenge outdated and discriminatory investor restrictions like the Accredited Investor Rule
File expert amicus briefs supporting market access reform
Advance rulemaking petitions that promote inclusive capital markets
Build coalitions with other advocates for financial inclusion
The SEC's outdated rules aren't just excluding individual investors—they're blocking entire communities from building generational wealth.
Join us in fighting for a financial system that works for everyone, not just the already wealthy.
You can make your donation here, or email info@icanlaw.org to discuss other ways to support our mission.
With appreciation,
Nick Morgan
Founder and President of ICAN
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