Are you not (yet) an accredited investor, but annoyed that you were unable to lose a ton of money on WeWork and Juul because they never went public? Well, start looking for the next big small thing, because thanks to Jay Clayton & co., many more of you will soon be able to pour good money after bad á la Masa Son.

To participate in private markets… individual investors must have at least $200,000 in annual income or $1 million in net assets, not including their home.

The SEC proposal, which was approved by a vote of 3-2, would allow investors with certain qualifications, such as an entry-level broker’s license, to qualify without meeting the income and wealth thresholds. And the threshold would remain unadjusted for inflation, virtually ensuring that, over time, more households would qualify as accredited investors.

And since we all know just how eager the best hedge and private equity funds and startups are to take in small investments from people with less than $1 million lying around, what could possibly go wrong?

SEC Proposes Giving More Investors Access to Private Markets [WSJ]

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Jay Clayton Paints His Masterpiece

An accredited investor definition that keeps their numbers about constant and decreases the likelihood of people coming crying to the SEC? It’s perfect.