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That makes sense and all, but the definition of accredited investor is tied to net worth and not knowledge. Which means that maybe you can't scam poor people, but there are plenty of gullible rich people with net worth over the $2 million in liquid assets or whatever it is these days.

Maybe treat being an accredited investor like a driver license and not tie it to your net worth?

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The difference is that when a millionaire loses $100k, they're not going to feel it the way someone who's taken out a second mortgage would.

Much easier to develop a roughly accurate heuristic for assessing people's ability to afford to misjudge risk or liquidity than to develop a roughly accurate heuristic for assessing their ability not to make such misjudgements.

How about a terms-based knowledge test, like getting a driver's license? The US loves standardized testing!

Driver testing is run at the state level. The US hates federal organization.

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