The SEC has opened public comment on an accredited investor exam that could let Americans without $1 million in net worth or a $200,000 salary invest in private companies. The exam would likely cost $100, and a passing result would remain valid for 10 years. Anyone aged 18 or older could take the exam in person. Coinbase CEO Brian Armstrong welcomed the plan, while critics questioned government gatekeeping and whether private-market products suit ordinary investors. The public comment deadline is December 4.