Coinbase CEO supports SEC proposal to expand private market access

Coinbase CEO Brian Armstrong has expressed support for a U.S. Securities and Exchange Commission (SEC) proposal aimed at expanding retail investor access to private markets. The proposal seeks to move beyond current wealth-based eligibility requirements, which typically require an annual income of $200,000 or a net worth of $1 million, excluding a primary residence.

Under the proposed changes, individuals could qualify for accredited investor status through professional credentials, such as CPA, CFA, or CFP designations, or through certain FINRA licenses. Additionally, the SEC is considering a FINRA-administered exam consisting of approximately 75 questions to allow individuals to qualify based on knowledge rather than net worth.

Armstrong argued that the current system prevents everyday investors from participating in early-stage company growth, noting that companies are remaining private for longer periods. He suggested that merit-based access would be a significant step toward democratizing private markets. The proposal also includes measures for regulated funds and adviser compensation disclosures, though the rules are not yet finalized. The public comment period for these notices is scheduled to end on December 4, 2026.