More changes to the accredited-investor standards may be forthcoming. The SEC has been debating tougher standards for accredited investors as part of the mandate in the Dodd-Frank Act to review the existing accredited investor rule. There has also been debate about whether the SEC should consider non-financial standards for accredited investors, such as education or professional background.
The Jumpstart Our Business Startups (JOBS) Act has also played a major role in changing the landscape for private investments and investor access to these offerings.
In late 2013 the SEC removed a ban on advertising by private placements offered to accredited investors, including the Internet, social media, seminars, print, or radio or television broadcast, under Rule 506(c).
Currently under review—and already delayed by the SEC from the original implementation plan—is a rule that would allow non-accredited investors (i.e., anyone) to invest in crowdfunded offerings, per the JOBS Act Title III, which covers equity crowdfunding, and the SEC's proposed Regulation Crowdfunding. Some U.S. states have enacted their own equity crowdfunding statutes as a way to circumvent the ongoing SEC review period.