As anticipated, the SEC today adopted (on a 3 - 2 vote) amendments to the "accredited investor" definition, which expand the pool of investors eligible to participate in the private capital markets from an individual net worth and income test to include enumerated knowledge and expertise criteria. The amendments also expand the Rule 144A "qualified institutional buyer" definition.
See the SEC's press release and Fact Sheet; the proposed rule released in December 2019; these statements from SEC Chair Clayton and Commissioners Roisman and Peirce; and this joint dissenting statement from Commissioners Lee and Crenshaw.