In remarks at the 51st Annual Securities Regulation Institute, SEC Commissioner Mark T. Uyeda offered his views on the existing exempt offering framework, urging the agency to eschew “paternalistic” regulations that could limit individuals’ access to investments and hinder capital raising by startup companies. He also urged the SEC to consider adopting a “sliding scale” approach to accredited investor status that would tie an individual’s access to private investments to the individual’s investment experience. This article parses Uyeda’s remarks. As usual, the views expressed were Uyeda’s own, not necessarily those of the SEC or any other commissioner. See our two part series on the accredited investor definition: “Proposed Changes and SEC Commissioner Perspectives” (Feb. 13, 2020); and “Key Takeaways for Private Fund Managers” (Feb. 20, 2020).