SEC Proposal Could Open Private Market Access
New accreditation pathways might allow more individuals to qualify for private investments.
Updated on Oct. 11, 2026 in Investing
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Would you invest in private market funds if accredited status requirements were relaxed?
The SEC recently issued proposals exploring alternative ways for individuals to qualify as accredited investors, shifting away from strict income and net worth requirements. Coinbase CEO Brian Armstrong has backed the effort to expand retail investor access to private-market opportunities.
Why it matters
Current rules limit private-market participation to those with high income or net worth, leaving many individuals excluded from these assets. The SEC is now evaluating whether specific professional credentials or exams could serve as a new, more accessible standard for investor eligibility.
Accredited status currently requires an annual income of $200,000, joint income of $300,000, or a net worth over $1 million excluding a primary residence. Proposed exam fees could mirror the current $100 Securities Industry Essentials exam cost.
The players
SEC
The federal agency responsible for investor protection, maintaining fair markets, and defining eligibility for private-market investments.
Brian Armstrong
The CEO of Coinbase, a company providing cryptocurrency exchange services and investment products to individual retail users.
FINRA
A self-regulatory organization that oversees brokerage firms and develops industry examinations for financial professionals.
The details
The SEC is considering a path that grants accredited investor status to individuals who hold specific licenses, such as CPA, CFA, or CFP designations. Alternatively, the agency is exploring a FINRA-developed exam that would need to be renewed every 10 years. These changes aim to broaden access for investors who do not meet the traditional wealth-based financial thresholds.
Timeline
September 30, 2026: The SEC issued proposals and notices regarding private-market access.
October 11, 2026: Coinbase CEO Brian Armstrong publicly supported the SEC initiatives.
December 4, 2026: Deadline for the public to submit comments on the proposed exams and credentials.
Money Landscape
These proposals signify a potential shift in how private-market eligibility is determined, moving away from strict reliance on Regulation D wealth thresholds. This marks a departure from the historical standard that has defined private-market access for decades.
If you currently lack the $1 million net worth or income thresholds, these proposals may eventually offer a new pathway to invest in private assets. Interested households should monitor the official comment period and consult with a financial professional about the potential impact on their portfolio strategy.
The takeaway
The SEC is looking at whether credentials like a CPA or CFA could grant you access to private markets currently reserved for high-net-worth individuals. Keep an eye on upcoming regulatory updates to see if your professional credentials might soon unlock new investment opportunities.
What happens next
Public comments on the proposed exam and credential notices are due by December 4, 2026.
Further reading
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Live Poll
Would you invest in private market funds if accredited status requirements were relaxed?
