是时候更新认可的投资者规则并向更多的美国人开放私人市场

他提出的金牌将允许外国投资者以500万美元的价格在美国购买法律地位。

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.

特朗普总统最近几周采取了措施，向美国提取投资。他提出的金牌将允许外国投资者以500万美元的价格在美国购买法律地位。在向国会的联合讲话中，他赞扬了日本软银的2000亿美元直接投资。

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.

尽管征集离岸投资没有错，但政府却缺少在家中的关键投资来源。经认可的投资者规则（称个人必须拥有超过100万美元或超过20万美元的年收入的净资产）将太多的美国人从我们最有利可图的证券市场中关闭。是时候改变了。

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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.

在美国，证券广泛分为两类：公共和私人。公共证券在全国交流上自由交易，并向所有投资者开放，但他们非常繁重。公司必须对“公开”进行广泛的监管和合规要求。他们的选择是保持私密性，许多Stripe和SpaceX等公司都选择这样做。

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，私人市场带来了收获。为了减轻法规的负担，他们限制了获得认可的投资者的机会。这意味着80％的不符合条件的美国家庭有效地将其拒之门外。随着越来越多的企业选择保持私密，越来越多的日常美国人被阻止与他们一起建立财富。

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.

在过去，公共市场是大型高增长公司的最深，最可靠的资本来源。这对公众来说非常好，因为这意味着他们可以获得最佳投资。不过，时代已经改变。

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专员Hester Peirce表示：“成为一家上市公司的曾经有抱负的目标似乎已经失去了光泽。”近年来，私人市场的增长大约是全球公共股票市场的两倍。

And a single SEC rule is to blame.

一个SEC规则应归咎于。

The accredited investor rule

认可的投资者规则

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.

经认可的投资者规则，第17CFR§230.501（a）是SEC法规，限制了获得私人投资的机会。它设定了标准投资者必须开会才能参与诸如私人公司用于筹集资金的主要豁免诸如D法规之类的产品。实际上，该规则阻止了数百万美国人投资最有前途的公司。

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.

拥护者公开捍卫这一规则。 “知识不能保护人们免受潜在损失……只有财务资源才能保护，”美国金融改革政策总监帕特里克·伍德尔（Patrick Woodall）去年对《华尔街日报》说。

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.

我们不同意。这种家长式观点认为，公众必须“保护”自己。但是获得认可的投资者规则并不能保护公众。它使他们无法投资于塑造未来的公司，例如Openai，人类和困惑。

The test

测试

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，参议员蒂姆·斯科特（Tim Scott）赞助了《美国大街上的授权大街法》（EMSAA），并提出了一项经认证的投资者定义。

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.

测试政策具有明显的优势。首先，这很公平。任何通过的美国人都可以投资。其次，更广泛地进入私人市场可以让更多的美国人在该国的经济成功中分享。如果我们在这里建造，每个人都应该能够购买。第三，扩大私人市场会使它们更有用。

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.

但是参议员斯科特的法案是不必要的 - 一项经认证的投资者规则不需要新的立法。 SEC已经有权通过SEC实施它。 2（a）（15）的1933年《证券法》。因此，以这些理由对规则进行了修正，不太可能遇到重大的法律抵抗。通过修改认可的投资者规则，SEC可以单独通过规则制定来重塑私人市场。它应该明天开始。