Digital Currency Group founder Barry Silbert commented on a new initiative by the U.S. Securities and Exchange Commission (SEC) to reform accredited investor rules. The "King of Crypto" recalled his 2011 interview with the WSJ concluding that 15 years later, Wall Street had effectively capitulated to his long-term prediction about tokenization.
The regulator has officially proposed opening access to private funding rounds through a test of financial knowledge rather than the size of an investor's wallet.
In 2011, Silbert, then head of the SecondMarket platform, openly called the SEC's criteria absurd. The existing threshold—allowing only people with a net worth of at least $1 million, excluding the value of their homes, to participate in private deals—seemed outdated to him.
