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#SEC considers a $100 exam to open private markets to more investors
The U.S. Securities and Exchange Commission is considering changing one of the eligibility requirements.
A proposal would let ordinary people buy private assets, too.
The path would be through an exam and qualifications.
A FINRA professional exam could become an alternative option.
The current requirements are an annual income of $200,000 or a net worth of $1 million.
Why bring this up?
Institutional investors have long reaped the returns of private markets.
Retail investors have been shut out.
An exam could replace an asset threshold with a test score.
For a $100 exam, you could get a chance to enter the market.
The arguments in favor.
Coinbase's CEO has publicly voiced his support.
He said more households should be able to access these kinds of assets.
The industry would also welcome a broader pool of capital.
The arguments against.
An exam can't measure someone's ability to bear risk.
Private assets are illiquid, and it can take a long time to exit.
When institutions face a downturn, they may be the ones pulling out.
At what point retail investors would be buying is a question mark.
For crypto, lower barriers could open up new channels for capital. They could also expose new groups of investors to potential pitfalls.
Do you think it's reasonable to replace asset requirements with an exam? Share your thoughts in the comments.
#SEC considers a $100 exam to open private markets to more investors
The U.S. Securities and Exchange Commission is considering changing one of the eligibility requirements.
A proposal would let ordinary people buy private assets, too.
The path would be through an exam and qualifications.
A FINRA professional exam could become an alternative option.
The current requirements are an annual income of $200,000 or a net worth of $1 million.
Why bring this up?
Institutional investors have long reaped the returns of private markets.
Retail investors have been shut out.
An exam could replace an asset threshold with a test score.
For a $100 exam, you could get a chance to enter the market.
The arguments in favor.
Coinbase's CEO has publicly voiced his support.
He said more households should be able to access these kinds of assets.
The industry would also welcome a broader pool of capital.
The arguments against.
An exam can't measure someone's ability to bear risk.
Private assets are illiquid, and it can take a long time to exit.
When institutions face a downturn, they may be the ones pulling out.
At what point retail investors would be buying is a question mark.
For crypto, lower barriers could open up new channels for capital. They could also expose new groups of investors to potential pitfalls.
Do you think it's reasonable to replace asset requirements with an exam? Share your thoughts in the comments.