[jowea]

What I find somewhat strange is that you are allowed to risk the $10k... if you play the role of a mostly-client or donor and participate in pre-ordering or crowdfunding. But if you're to get back money or equity only then you get all those rules.

[infecto]

It’s not so strange at least under my mental model. The way I see it is accreditation is less about you burning your own money. After all you can go spend it on anything, you could go buy options, some otc stocks.

Where it steps in is investments where the language is not clear. Perhaps a PE fund, special debt agreements something where the legal language in the investor documents requiring lawyers and investors that hopefully have the experience to touch it. Wealth is a pretty decent measure without going into certifications. It’s far from perfect but decent for the masses.