Wiley Nickel actually said...

"We could do is change the definition of, 'accredited investor,' to the following standards: someone who is investing less than 5 percent of their net worth in a particular investment."

"I think it is time for us to reevaluate the definition of an accredited investor and ensure that it serves its intended purpose of protecting investors rather than excluding them."

"We need to have a democratized approach to this to benefit more people."

"At the same time, we need to ensure that consumers and new investors are properly protected."