Hi, if you’re a US retail investor you’re probably very upset by recent SEC actions that have caused non-accredited investors to lose access to wealth-building interest-earning programs. High-interest yields are regularly enjoyed by the wealthy and are a principal means for building financial independence.

The SEC has decided to use Accredited Investor (AI) status as a tool to limit how much access the majority of the population can have to earning in crypto. Less than 10% of the US population presently qualifies for AI status. It appears that the SEC as well as the Treasury Department would like to maintain that limited access. Retail investors (the rest of us) feel strongly otherwise, therefore it’s important that we not be passive.

Recently the SEC made an amendment to AI rules in a supposed effort to make the rules more inclusive. However, this change does not go far enough. While requiring that individual investors enroll in 60 hours of study and take a test that proves sophistication and readiness to participate in securities investment is not unreasonable – language surrounding that rule goes beyond the pale by also requiring an individual who passes the Series 65 exam start and maintain a financial advisory business, which is ridiculous.

After Celsius became the latest Cefi platform to bar US investors from earning yield on crypto, I made a previous post suggesting that anyone who was angry about it focus their energy on taking action that can instigate changes to the present Accredited Investor rules. In that spirit, I’ve pulled together some language that can be used to reach out to your state representatives.

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When reaching out, what works best? (in order)

• Working with a lobbyist group
• Meeting in person
• Calling
• Sending a letter
• Emailing

With calling and writing, volume matters: the more people who reach out on a specific issue, the more likely it is to win a congressperson or Senator’s attention.

Midterm elections are coming up in November. I repeat, Midterm elections are coming in November.

Now is the perfect time to bring the Accredited Investor issue to your representatives’ attention and let them know that their position on this matter is important enough to impact how you may vote.

Yes, you’re angry and impassioned about this subject, however keep in mind, that when you yell at people they're less likely to listen to you. Remain respectful and succinct whether you call or write.

Below is a suggested template for calling or sending a letter or email. If you happen to be a business owner mention that in the top of your letter – contact from businesses is given a bit more attention.

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CALL TEMPLATE

(ask to speak with the Legislative Assistant or just leave a message).

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Hello, my name is (YOUR NAME), and I’m calling as a constituent from (YOUR STATE) and a concerned (NAME OF PROFESSION).

It’s very important to me that Accredited Investor rules be more inclusive so that more Americans have a fair opportunity to build financial freedom.

I feel that the Securities Act of 1933 needs to be updated to meet the reality of a more technically sophisticated consumer population. The 2020 amendment to Series 65 License rules was a good start, but an individual should not be required to become a financial advisor or to run a financial advisor business to qualify as an Accredited Investor.

I urge you to push the SEC to make it clear that passing the Series 65 Exam is rigorous enough for an individual to gain Accredited investor status.

Thank you and have a good day.

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EMAIL or LETTER TEMPLATE

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Hello, my name is (YOUR NAME), and I’m a constituent from (YOUR STATE) writing to you because I would like to see a change to the rules that decide who can qualify as an Accredited Investor.

As a concerned (BUSINESS OWNER / MOM / YOUNG ENTREPRENEUR, MINORITY, etc.) I think it’s very important for more Americans to have a fair opportunity to build financial freedom. The Securities Act of 1933 is outdated and does not take into account the sophistication of the modern investor.

The SEC has decided to use this rule to allow less than 10% of the population to gain access to certain crypto yield earning programs and other assets deemed to be securities.

The crypto industry was birthed as a direct result of the Great Recession, a period when millions of Americans were suffering due to the cascading failures of centralized-government watchdogs and large, overly powerful financial entities. Crypto was designed to be inclusive and to grant financial fairness to demographics that have been systematically disenfranchised from participating in financial markets.

The Securities Act was recently amended to allow individuals to gain Accredited Investor status by taking the Series 65 exam, but this amendment does not go far enough. Its language also requires an individual to register as a financial advisor and to open and operate a financial advisor business. This requirement is highly burdensome to people like me who already have fulfilling work and who simply want to be free to invest their money how they choose. Passing the Series 65 Exam is rigorous enough.

At present, the limitation on who can and cannot invest causes more harm than good by overstepping individual liberties and by contributing to the widening wealth gap.

I urge you to push the SEC to make it clear that individuals who pass the Series 65 Exam qualify as Accredited Investors, and that these individuals should not have to change careers to gain access to certain investments.

Thank you,

(YOUR NAME)

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TIP: Make small tweaks to the above templates or use them exactly as is, just remember to always use that first line (representatives will ignore calls, letters, or emails from people who are not in their home state) and refrain from using hyperbolic (emotional) language.

WHO TO CONTACT

You will want to get the name of the LEGISLATIVE AIDE for your state Congresspersons and Senators. You can call the office for this information. Ask for name and email address. If you are sending a written letter, send it to the Congressperson or Senator’s office addressed to them and C/O (care off) the Legislative Aide, example:

Senator’s NameC/O Legislative Aide’s NameUnited States SenateWashington, D.C. 20510

Find Your Congressional Representatives

Find Your Senators

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LIST OF ALLIES

And I’m adding this to this post because I think its’ important to note who is actively supporting progressive crypto legislation in Washington.

LOBBYISTSAt this time I’m not aware of a lobby group just for retail investors.

Coin Center - https://www.coincenter.org/

The Block Association - https://theblockchainassociation.org/

The Bitcoin PAC - https://www.thebitcoinpac.org/

The Chamber of Digital Commerce - https://digitalchamber.org/

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PRO-CRYPTO POLITICIANS

https://www.coindesk.com/markets/2020/08/20/the-most-pro-bitcoin-politicians-in-the-us/

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*Upvote this post if you found it useful.*

And share it with others who may want to take action.

(Edit to fix typo.)