The U.S. Securities and Exchange Commission has proposed reforming the accredited investor system to allow individuals to qualify for private market access through examinations and alternative credentials, rather than relying solely on income and net worth thresholds. The regulatory shift aims to broaden participation by recognizing financial knowledge as a valid qualification metric alongside traditional wealth standards. DCG founder Barry Silbert advocated for this specific reform approximately 15 years ago while founding SecondMarket in 2011. Silbert argued that wealth does not necessarily equate to investment ability and that ordinary investors who pass regulator-set financial literacy tests should have the opportunity to participate in private markets, challenging the existing framework that prioritizes net worth over demonstrated competence.