February 13, 2015
I'm mad. I just read this article: SeedInvest Launches #SaveAngelInvesting Campaign
Making it harder for people to become accredited investors is ridiculously silly and crosses the line in government paternalism. It's insulting to think of all the people that wouldn't (and even currently do not) qualify, as if they are stupid and need to be protected from themselves. I'm a Fellow in the Society of Actuaries and know more than 99.999% of America about investments given my thousands of hours of study and practice, but I won't qualify for another couple of years because of the current system.
Additionally, it's crazy that Kentucky requires one to be an accredited investor before investing through sites like LendingClub.com. But that's their mistake, not yours. But you have the power to leave the federal definition alone.