December 18, 2019
To Whom it May Concern, I would like to express my utmost appreciation for the proposed amendment. Some of the biggest opportunities for wealth creation in this country are found in the private markets, and for years access to these markets has been reserved solely for the wealthy. I even distinctly remember a conversation with a member of the SEC discussing the ironic fact that many employees of the SEC do not even meet the current binary standard of wealth that must be met in order to qualify as an accredited investor. If a member of the SEC can't make a sound financial decision, I don't know who can! I think we can all agree that wealth is not a measure of financial intelligence, nor do wealthy individuals inherently lead us to a more stable financial market. As a former investment banker and holder of my Series 7, I have long felt that provable knowledge should be the benchmark for accreditation. When I saw this as a proposed amendment, I could not have been more excited. I look forward to seeing the adoption of this amendment and the effects of opening the private markets to a broader audience. Thank you, Scott Smiley