SEC’s Hester Peirce Says She Is ‘Not a Fan’ of Accredited Investor Restrictions
The comments were highlighted by Cointelegraph in a post on X following the SEC’s Sept. 30, 2026, meeting, where the agency proposed measures to broaden the ways individuals could qualify as accredited investors.
SEC Considers New Paths to Accredited Investor Status
The SEC is seeking public comment on additional ways for individuals to qualify as accredited investors, including through certain professional credentials and an examination that would be developed by the Financial Industry Regulatory Authority, or FINRA.
The credentials under consideration include U.S. certified public accountant licenses, Chartered Financial Analyst charters, Certified Financial Planner certifications, FINRA Series 79 investment banking licenses, and Series 86 and 87 research analyst licenses.
The commission is also considering whether passing a FINRA-developed exam covering securities, investing, financial and business matters could provide a non-financial route to accredited investor status. The proposed approach is intended to allow investors to demonstrate financial knowledge without relying solely on income or wealth requirements.
Peirce Criticizes the Existing Gatekeeping Model
In remarks published by the SEC, Peirce said she has never been a fan of what she described as “paternalistic limitations” on how Americans can invest their money.
She argued that limiting investment opportunities for people who do not meet existing wealth requirements can also prevent them from participating in private-market opportunities. Peirce said the current framework can restrict investors from diversifying portfolios, investing in companies before they become public and supporting businesses started by friends or family.
Peirce also said the proposed changes recognize that “wealth and income are not always great proxies for an investor’s sophistication.” She described the proposed exam and professional designations as steps toward expanding investors’ ability to decide how they invest.
Public Comment Period Opens
The SEC's proposals form part of a broader effort to expand individual investor access to private markets while maintaining investor protections and safeguards.
Alongside the accredited-investor proposals, the commission is considering changes involving performance-based compensation for investment advisers and the operation of regulated closed-end and interval funds.
SEC Chairman Paul Atkins said accredited-investor status provides access to certain capital-raising transactions exempt from federal registration requirements, while acknowledging that private offerings can involve greater risks and fewer protections than public investments.
The SEC said the public comment periods will remain open for 60 days after the relevant proposals and notices are published in the Federal Register.
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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