According to CoinMeta, Coinbase CEO Brian Armstrong praised the proposal by the U.S. Securities and Exchange Commission (SEC) to open up the private market to more Americans, calling it an important step towards ending the exclusion of ordinary investors from private equity, startups, and early-stage transactions. SEC is exploring a merit-based certification path for investor qualifications, which may allow people to obtain such qualifications through exams developed by FINRA or through certifications such as CPA and CFA. If this proposal is adopted, the changes will enable retail investors to gain access to private companies earlier and reduce the incentive for startups to remain privately held for extended periods.