Most people get that investing is risky. If they passed high school, they'll have learned about things like the Great Depression where people lost everything on their stock investments. If anything, the burden should be on the organizations doing a fundraise to provide all the information that people need to make smart decisions and establish that they aren't going to pull the rug out from under their investors. The most people should have to do is tick a box saying that they understand that they can lose money on an investment. Investing shouldn't be purely an activity for people who have a lot of money or can pass an arbitrary test that protects the privileges of "accredited" investors. It should be for everyone even if they can only afford to invest $100.
Heidi Hecht Comment On Regulatory Notice 22-08
Most people get that investing is risky. If they passed high school, they'll have learned about things like the Great Depression where people lost everything on their stock investments. If anything, the burden should be on the organizations doing a fundraise to provide all the information that people need to make smart decisions and establish that they aren't going to pull the rug out from under their investors. The most people should have to do is tick a box saying that they understand that they can lose money on an investment. Investing shouldn't be purely an activity for people who have a lot of money or can pass an arbitrary test that protects the privileges of "accredited" investors. It should be for everyone even if they can only afford to invest $100.