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Ex-Nasdaq boss: SEC's plan to open up private markets will let loose the wolves on regular investors

Robert Greifeld

SEC Chairman Jay Clayton is proposing that the SEC consider modernizing the definition of an accredited investor, which currently includes having a million dollar net worth. Private markets may offer more pain than gain for Main Street as about 60 percent of start-ups fail. Investing in the "hope stocks" of promising but unproven (and often unprofitable) companies is not a game to be played with a retirement account.

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