,,ii  #aagth ,,congress  #b;d ,session  
,s4 #ciba  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #bd1    
#bjbb,mr4 ,tillis 7for himself and ,mr4 
,scott of ,south ,carolina7 introduced  
the following bill2 which was read twice
 and referred to the ,committee on      
,banking1 ,housing1 and ,urban ,affairs 
,a ,,bill  ,to amend the ,securities    
,act of #aicc to expand the definition  
of a qualifying accredited investor1 and
 for other purposes4  #a4 ,short title  
,this ,act may be cited as the ,equal   
,opportunity for all ,investors ,act4   
#b4 ,certification examinations for     
accredited investors  7a7 ,examination  
alternative ,section #b7;a77#ae7 of the 
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;b7a77#ae77 is amended-- 7#a7 by    
redesignating clauses 7i7 and 7ii7 as   
subparagraphs 7,a7 and 7,b71            
respectively2  7#b7 in subparagraph     
7,a71 as so redesignated1 by striking   
adviser2 or and inserting adviser22     
7#c7 in subparagraph 7,b71 as so        

redesignated1 by striking the period at 
the end and inserting 2 or2 and  7#d7 by
 adding at the end the following3  7,c7 
any individual who is certified as an   
accredited investor through an          
examination established or approved by  
the ,commission1 the securities         
commission 7or any agency or office     
performing like functions7 of any       
,state1 or any self-regulatory          
organization as defined in the          
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;c7a77#bf77 that-- 7i7    
measures whether an individual certified
 as an accredited investor pursuant to  
such examination understands and        
appreciates the risks and opportunities 
of investing in securities2  7ii7 is    
designed to ensure that an individual   
with financial sophistication or        
training would be unlikely to fail2 and 
7iii7 may be designed and_/or           
administered by any other person        
approved by the ,commission1 such       
securities commission1 or such          

self-regulatory organization4  4  7b7   
,effective date ,the amendments made by 
subsection 7a7 shall take effect on the 
date of the enactment of this ,act4  7c7
 ,examination ,the ,commission shall    
establish or approve an examination that
 complies with subsection 7a7 no later  
than #ah months after the date of       
enactment of this ,act4  #c4 ,accredited
 investor self-certification ,section   
#d7;b7 of the ,securities ,act of #aicc 
7#ae ,u4,s4,c4 #gg;d7b77 is amended by  
inserting ,unless the issuer knows1 or  
has a reckless disregard for whether1   
the purchaser is not an accredited      
investor1 obtaining a self-certification
 from the purchaser that the purchaser  
meets the income or net worth           
requirements of ,rule #eja of           
,regulation ,d shall constitute         
reasonable steps to verify that         
purchasers of the securities are        
accredited investors4 after the period  
at the end4  #d4 ,modification of rules 
7a7 ,in general ,not later than #i      

months after the date of the enactment  
of this ,act1 the ,securities and       
,exchange ,commission shall revise its  
rules issued in section #bcj4eja7;a7 of 
title #ag1 ,code of ,federal            
,regulations1 to make parallel changes  
set forth in ,section #b and to add to  
the definition of accredited investor   
the following categories3 7#a7 ,any     
natural person with at least #ejj1jjj   
worth of investments4  7#b7 ,any natural
 person with total transactions during a
 #ab-month period under section #bcj4ejf
 of title #ag1 ,code of ,federal        
,regulations1 and under section         
#d7;a77#f7 of the ,securities ,act of   
#aicc 7#ae ,u4,s4,c4 #gg;d7a77#f77 that 
are not greater than the highest amount 
of the following-- 7,a7 #aj percent of  
the total investments of the person2    
7,b7 #aj percent of the annual income of
 the person or #aj percent of the annual
 combined income with that person's     
spouse2 or  7,c7 #aj percent of the net 
worth of the person excluding the value 

of the person's principal place of      
residence4  7b7 ,definitions  7#a7      
,definitions ,in this subsection3 7,a7  
,cash and cash equivalents ,the term    
cash and cash equivalents includes-- 7i7
 bank deposits1 certificates of deposit1
 bankers acceptances and similar bank   
instruments held for investment         
purposes2 and  7ii7 the net cash        
surrender value of an insurance policy4 
7,b7 ,commodity interests ,the term     
commodity interests means commodity     
futures contracts1 options on commodity 
futures contracts1 and options on       
physical commodities traded on or       
subject to the rules of-- 7i7 any       
contract market designated for trading  
such transactions under the ,commodity  
,exchange ,act 7#g ,u4,s4,c4 #a et seq47
 and the rules issued under that ,act2  
or  7ii7 any board of trade or exchange 
outside the ,united ,states1 as         
described in part #cj of title #ag1     
,code of ,federal ,regulations4  7,c7   
,digital assets ,the term digital       

assets-- 7i7 means a digital            
representation of value that-- 7,i7 is  
used as a medium of exchange1 unit of   
account1 or store of value2 and  7,,ii7 
is not legal tender1 whether or not     
denominated in legal tender2 and  7ii7  
does not include-- 7,i7 a transaction in
 which a merchant grants1 as part of an 
affinity or rewards program1 value that 
cannot be taken from or exchanged with  
the merchant for legal tender1 bank     
credit1 or virtual currency2 or  7,,ii7 
a digital representation of value issued
 by or on behalf of a publisher and used
 solely within an online game1 game     
platform1 or family of games sold by the
 same publisher or offered on the same  
game platform4  7,d7 ,investment        
purposes ,the term investment purposes--
 7i7 includes-- 7,i7 real estate owned  
by a prospective purchaser who is       
engaged primarily in the business of    
investing1 trading1 or developing real  
estate in connection with such business2
 and  7,,ii7 a commodity interest or    

physical commodity owned1 or a financial
 contract entered into1 by the          
prospective purchaser who is engaged    
primarily in the business of investing1 
reinvesting1 or trading in commodity    
interests1 physical commodities1 or     
financial contracts in connection with  
such business2 and  7ii7 does not       
include real estate held for investment 
purposes by a prospective purchaser if  
the real estate is used by the          
prospective purchaser1 a sibling1 spouse
 or former spouse1 a direct lineal      
descendant by birth or adoption1 or     
spouse of such lineal descendant or     
ancestor for personal purposes or as a  
place of business1 or in connection with
 the conduct of the trade or business of
 the prospective purchaser or such      
related person4  7,e7 ,investments ,the 
term investments means-- 7i7 securities1
 as defined in section #b7;a7 of the    
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;b7a771 other than securities issued
 by an issuer that is controlled by the 

prospective purchaser that owns such    
securities2  7ii7 real estate held for  
investment purposes2  7iii7 commodity   
interests held for investment purposes2 
7iv7 physical commodities held for      
investment purposes2  7v7 digital assets
 held for investment purposes2  7vi7 to 
the extent not securities1 financial    
contracts 7as such term is defined in   
section #c7;c77#b77;,b77ii7 of the      
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a#c7;c77#b77;,b77ii777    
entered into for investment purposes2   
and  7vii7 cash and cash equivalents    
7including foreign currencies7 held for 
investment purposes4  7,f7 ,personal    
purposes ,the term personal purposes    
does not include residential real estate
 if deductions with respect to such real
 estate are not disallowed by section   
#bhj;,a of the ,internal ,revenue ,code 
of #aihf4  7,g7 ,physical commodities   
,the term physical commodities means any
 physical commodity with respect to     
which a commodity interest is traded on 

a market described in subparagraph      
7,b77i74  7c7 ,self-execution ,if the   
,securities and ,exchange ,commission   
does not revise its rules in accordance 
with the deadline set forth in          
subsection 7a71 then any person         
described in subsection 7b7 shall be    
deemed to be an accredited investor for 
all purposes under the ,federal         
securities laws 7including regulations74
  #e4 ,adjusting the accredited investor
 standard ,section #dac of the ,private 
,fund ,investment ,advisers             
,registration ,act of #bjaj 7#ae        
,u4,s4,c4 #gg;b note7 is amended by     
striking subsection 7b7 and inserting   
the following3  7b7 ,review and         
adjustment  7#a7 ,in general ,the       
,commission may undertake a review of   
the definition of the term accredited   
investor1 as such term applies to       
natural persons1 to determine whether   
the requirements of the definition1     
excluding the requirement relating to   
the net worth standard described in     

subsection 7a71 should be adjusted or   
modified for the protection of          
investors1 in the public interest1 and  
in light of the economy4  7#b7          
,adjustment or modification ,upon       
completion of a review under paragraph  
7#a71 the ,commission may1 by notice and
 comment rulemaking1 make such          
adjustments to the definition of the    
term accredited investor1 excluding     
adjusting or modifying the requirement  
relating to the net worth standard      
described in subsection 7a71 as such    
term applies to natural persons1 as the 
,commission may deem appropriate for the
 protection of investors1 in the public 
interest1 and in light of the economy4  
4