Higher education accreditation creates barriers to entry for innovative start-ups while being a poor gauge of program quality and student outcomes. What began as a voluntary system became a de facto requirement, with accreditors abusing their power. To harness the potential of new learning modes, policymakers should consider meaningful structural changes to this ossified system. Any substantial higher education reform must include accreditation reform: decoupling accreditation from student aid, ending regional monopolies, and inhibiting abuses of power. Addressing these issues would help accreditors to return to quality control while supporting innovation.