Recently, there has indeed been some movement in the US investment circle. The Trump administration and the SEC plan to further open up the markets—allowing ordinary investors to access asset classes that were previously only available to large institutions, such as private credit, private equity, and even cryptocurrencies.

Sounds good, right? More investment options, potentially higher returns. But the problem is, as the barriers lower, the risks come along with them.

**Lower barriers, deeper pitfalls**

Mark Stankato, founder of VIP Wealth Advisors, said something very sobering: "Many investors only realize how much risk they are taking after they lose money."

This sounds harsh, but it’s the reality. Ordinary retail investors are used to buying stocks, bonds, and funds—things with clear logic and easy to understand. But private funds, private credit, and similar assets? Most people have never even come into contact with them. Poor liquidity, complex information disclosure, and pricing issues are all problems. Once you step into a pitfall, you can’t get in or out easily.

**Regulatory stance: opening up but not letting go**

SEC Chairman Paul Atkins has a clear position on this—markets should be open, but with "guardrails." His point is that regulators are not trying to leave everything unchecked, but rather to design rules that give investors more freedom while ensuring they understand what they’re doing.

The US Department of Labor is also following up, drafting new rules to guide retirement account investments in private assets, ensuring investors don’t enter blindly.

**Can cryptocurrencies be included in ETFs? Opportunity or trap?**

Including these assets in ETFs or retirement accounts theoretically makes it easier for retail investors to participate in emerging assets like cryptocurrencies. But behind this convenience are a series of issues—information asymmetry, large differences in risk tolerance, and market volatility. Are retail investors truly prepared?

Rather than seeing this as a new opportunity, it’s more like a big test—the test of investors’ own risk awareness and professionalism.