ICAN Applauds House Passage of H.R. 3339, the Equal Opportunity for All Investors Act of 2025

The bill represents a meaningful step forward in expanding access to private investment opportunities for capable Americans who have historically been shut out under outdated SEC rules, ICAN says.

FOR IMMEDIATE RELEASE July 22nd, 2025

LOS ANGELES, CA — The Investor Choice Advocates Network (ICAN) applauds yesterday’s bipartisan House passage of H.R. 3339, the Equal Opportunity for All Investors Act of 2025, sponsored by Representative Mike Flood (R-NE) and cosponsored by Representatives Cleo Fields (D-LA), Michael Lawler (R-NY), Sarah McBride (D-DE), and Shri Thanedar (D-MI). The bill represents a meaningful step forward in expanding access to private investment opportunities for capable Americans who have historically been shut out under outdated SEC rules.

“This is a long-overdue and much-needed step toward fairness in our capital markets,” said ICAN Founder and President Nick Morgan. “By recognizing that financial sophistication is not synonymous with net worth, Congress has acted to restore opportunity to millions of Americans who have the knowledge and judgment to make informed investment decisions—but have been excluded by an arbitrary system.”

H.R. 3339 directs the Securities and Exchange Commission to revise the definition of “accredited investor” under Regulation D to include individuals who become certified through a Commission-approved examination. This creates a new, knowledge-based pathway for Americans to participate in private offerings—replacing wealth-based restrictions with a more logical and inclusive standard.

ICAN has been a leading voice in the national effort to modernize the accredited investor rule. Through litigation, rulemaking petitions, amicus briefs, congressional testimony, and strategic media engagement, ICAN has consistently highlighted how “protection through prohibition” securities regulations stifle economic mobility and limit investment opportunity for everyday Americans. The organization’s ongoing legal challenge to the SEC’s refusal to reform the rule, along with its widely supported reform petition, has been central to driving momentum for change.

As part of its continued leadership on this issue, ICAN will be releasing a proposed investor knowledge certification exam in the coming weeks. This proposed framework is intended to offer a practical and investor-friendly model that the SEC can consider adopting that empowers Americans to demonstrate their competency and participate meaningfully in private markets—regardless of their income or net worth.

“ICAN is urging the Senate and the SEC to take the next step: adopt a truly meaningful, knowledge-based standard that respects investor choice and reflects the realities of modern markets,” said Morgan. “By doing so, we can finally end the paternalism that has kept so many qualified individuals locked out of opportunity, and instead create a future where access to investment is determined by ability, not affluence.

ICAN believes that investor protection should be rooted in transparency, education, and choice. Today’s vote reflects growing bipartisan recognition that expanding investor access is not only fair—it’s smart policy that strengthens our economy and aligns with core American values of opportunity and ownership.

ICAN urges the Senate to act swiftly to advance this vital reform and ensure that all Americans with the interest and expertise to invest have the freedom to do so.

To view ICAN’s work on reforming the Accredited Investor Rule, visit https://www.icanlaw.org/accredited-investor

For more information about ICAN's work, visit www.icanlaw.org or contact: info@icanlaw.org

About ICAN: The Investor Choice Advocates Network (ICAN) is a nonprofit organization dedicated to breaking down barriers to entry to capital markets and pushing back against regulatory overreach. ICAN advocates for fair and transparent regulatory practices, ensuring all individuals have equal access to investment opportunities and due process in the financial markets.

Contact Information: Investor Choice Advocates Network (ICAN) Email: info@icanlaw.org Website: www.icanlaw.org