Barry Silbert, founder of Digital Currency Group, commented on the SEC’s initiative to reform accredited investor rules by proposing a financial knowledge test instead of a wealth threshold. In 2011, he had called absurd the current criterion requiring a minimum net worth of 1 million dollars excluding home value, arguing that competent professionals were being denied access to private equity. The SEC now plans a public exam under FINRA’s auspices, with automatic access for holders of CFA and CPA certifications. Silbert also claimed validation of his second 2011 prediction: the disappearance of the boundary between public and private companies through blockchain tokenization and 24/7 trading platforms.
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