SEC proposes reforming accredited investor rules; DCG founder Barry Silbert's suggestion from 15 years ago may finally come to fruition

PANews reported on October 6 that DCG, the parent company of Grayscale, posted on X stating that last week the U.S. Securities and Exchange Commission (SEC) proposed reforming the accredited investor system to allow some investors to gain access to private markets through exams and other means — a move that DCG founder Barry Silbert had suggested as early as 15 years ago.

It is reported that Barry Silbert, around 2011 when he founded SecondMarket, proposed that the SEC's "accredited investor" system relies mainly on income and net worth standards, but wealth does not necessarily equate to investment ability. Some high-net-worth individuals may lack sufficient financial knowledge, while some ordinary investors who pass a financial literacy test set by regulators should also have the opportunity to participate in private markets.