[dunkelsten]

> * The SEC can designate professional certifications from accredited institutions as a surrogate for wealth --- to begin with, FINRA Series 7, 65, and 82.

It seems like an oddly American thing to me that investors can actually use wealth as a surrogate for professional certifications.

[tptacek]

It makes sense in this instance, as the rule is designed to minimize the number of people whose lives will be ruined (and thrown to the state to support) by bad investing decisions, and the asset requirement both minimizes the likelihood of any one investor losing their shirt, and minimizes the number of investors. And again: the real teeth in this rule are about who issuers can market securities to, not about what random people are allowed to do.

[MR4D]

No, it’s not about bad investing decisions. It’s about prevent bad actors perpetrating fraud on unsuspecting victims.

Bad investing decisions have always and will always be allowed.