是時候更新認可的投資者規則並向更多的美國人開放私人市場

他提出的金牌將允許外國投資者以500萬美元的價格在美國購買法律地位。

President Trump has taken steps in recent weeks to draw investment to the United States. His proposed Gold Card would allow foreign investors to purchase legal status in the United States for $5 million. In his Joint Address to Congress, he lauded a $200 billion direct investment from Japan’s SoftBank.

特朗普總統最近幾週採取了措施，向美國提取投資。他提出的金牌將允許外國投資者以500萬美元的價格在美國購買法律地位。在向國會的聯合講話中，他讚揚了日本軟銀的2000億美元直接投資。

While there’s nothing wrong with soliciting offshore investment, the government is missing a key source of investment at home. The accredited investor rule — which says that individuals must have a net worth of more than $1 million, or annual income exceeding $200,000 — shuts too many Americans out of our most lucrative securities markets. It’s time to change that.

儘管徵集離岸投資沒有錯，但政府卻缺少在家中的關鍵投資來源。經認可的投資者規則（稱個人必須擁有超過100萬美元或超過20萬美元的年收入的淨資產）將太多的美國人從我們最有利可圖的證券市場中關閉。是時候改變了。

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您正在閱讀Crypto Long＆Short，這是我們每週的新聞通訊，其中包括專業投資者的見解，新聞和分析。在這裡註冊以將其在每個星期三的收件箱中獲取。

In the U.S., securities broadly fall into two categories: public and private. Public securities trade freely on national exchanges and are open to all investors, but they are extremely onerous to issue. Companies are required to navigate extensive regulatory and compliance requirements to “go public.” Their alternative is to stay private, and many companies like Stripe and SpaceX are choosing to do just that.

在美國，證券廣泛分為兩類：公共和私人。公共證券在全國交流上自由交易，並向所有投資者開放，但他們非常繁重。公司必須對“公開”進行廣泛的監管和合規要求。他們的選擇是保持私密性，許多Stripe和SpaceX等公司都選擇這樣做。

Private markets, however, come with a catch. In exchange for easing the burden of regulation, they restrict access to accredited investors. This means that 80% of American households that do not qualify are effectively shut out. As more businesses choose to stay private, more everyday Americans are prevented from building wealth alongside them.

但是，私人市場帶來了收穫。為了減輕法規的負擔，他們限制了獲得認可的投資者的機會。這意味著80％的不符合條件的美國家庭有效地將其拒之門外。隨著越來越多的企業選擇保持私密，越來越多的日常美國人被阻止與他們一起建立財富。

In the old days, public markets were the deepest and most reliable sources of capital for large, high-growth companies. This was great for the public, because it meant they had access to the best investments. Times have changed, though.

在過去，公共市場是大型高增長公司的最深，最可靠的資本來源。這對公眾來說非常好，因為這意味著他們可以獲得最佳投資。不過，時代已經改變。

According to SEC Commissioner Hester Peirce, “The once aspirational goal of becoming a public company seems to have lost its luster.” In recent years, private markets have grown at roughly double the rate of global public equity markets.

SEC專員Hester Peirce表示：“成為一家上市公司的曾經有抱負的目標似乎已經失去了光澤。”近年來，私人市場的增長大約是全球公共股票市場的兩倍。

And a single SEC rule is to blame.

一個SEC規則應歸咎於。

The accredited investor rule

認可的投資者規則

The accredited investor rule, 17 CFR § 230.501(a), is an SEC regulation that restricts access to private investments. It sets criteria investors must meet to participate in offerings like Regulation D, the primary exemption private companies use to raise capital. In effect, the rule blocks millions of Americans from investing in the most promising companies.

經認可的投資者規則，第17CFR§230.501（a）是SEC法規，限制了獲得私人投資的機會。它設定了標準投資者必須開會才能參與諸如私人公司用於籌集資金的主要豁免諸如D法規之類的產品。實際上，該規則阻止了數百萬美國人投資最有前途的公司。

Advocates defend this rule openly. “Knowledge cannot protect people from potential losses… Only financial resources can,” Patrick Woodall, director of policy at Americans for Financial Reform, told The Wall Street Journal last year.

擁護者公開捍衛這一規則。 “知識不能保護人們免受潛在損失……只有財務資源才能保護，”美國金融改革政策總監帕特里克·伍德爾（Patrick Woodall）去年對《華爾街日報》說。

We disagree. This paternalistic view assumes the public must be “protected” from itself. But the accredited investor rule doesn’t protect the public. It locks them out from investing in companies shaping the future like OpenAI, Anthropic and Perplexity.

我們不同意。這種家長式觀點認為，公眾必須“保護”自己。但是獲得認可的投資者規則並不能保護公眾。它使他們無法投資於塑造未來的公司，例如Openai，人類和困惑。

The test

測試

Last year, Sen. Tim Scott sponsored the Empowering Main Street in America Act (EMSAA), proposing, among other things, a test-in accredited investor definition.

去年，參議員蒂姆·斯科特（Tim Scott）贊助了《美國大街上的授權大街法》（EMSAA），並提出了一項經認證的投資者定義。

A test-in policy has clear advantages. First, it’s fair. Any American who passes can invest. Second, broader access to private markets lets more Americans share in the country’s economic success. If we’re building here, everyone should be able to buy in. Third, expanding private markets makes them more useful.

測試政策具有明顯的優勢。首先，這很公平。任何通過的美國人都可以投資。其次，更廣泛地進入私人市場可以讓更多的美國人在該國的經濟成功中分享。如果我們在這裡建造，每個人都應該能夠購買。第三，擴大私人市場會使它們更有用。

But Sen. Scott’s bill is unnecessary — a test-in accredited investor rule doesn’t require new legislation. The SEC already has the power to implement it through Sec. 2(a)(15) of the Securities Act of 1933. Because of this, an amendment to the rule on these grounds is unlikely to encounter significant legal resistance. By amending the accredited investor rule, the SEC can reshape private markets through rulemaking alone. It should start tomorrow.

但是參議員斯科特的法案是不必要的 - 一項經認證的投資者規則不需要新的立法。 SEC已經有權通過SEC實施它。 2（a）（15）的1933年《證券法》。因此，以這些理由對規則進行了修正，不太可能遇到重大的法律抵抗。通過修改認可的投資者規則，SEC可以單獨通過規則制定來重塑私人市場。它應該明天開始。