According to CoinMeta, the $100 exam proposed by SEC could allow Americans to invest in private companies without having a net worth of $1 million or an annual salary of $200,000. Currently, wealth determines who is considered an “authorized investor,” and only they are able to invest before most startups and private funds go public. The exam will be developed by FINRA and anyone over the age of 18 can take it. The expected cost of the exam is $100, and the certification will be valid for 10 years. Investment risk will account for 20% to 28% of the exam. SEC is also discussing whether holders of CPA, CFA certifications, and CFP professional qualifications should be automatically recognized. Coinbase, the CEO of Brian Armstrong, calls this plan “a huge step forward,” but not everyone believes that the exam is the solution. Committee member Hester Peirce supports relaxing the rules, but indicates that the exam will still regard the government as the gatekeeper. Noah Damsky from Marina Wealth Advisors calls the idea of the exam “terrible.”