Coinbase CEO Brian Armstrong called for revisiting U.S. accredited-investor rules, arguing the wealth-based threshold functions as a regressive tax. Armstrong proposed a financial literacy test or full removal of the requirement.

Armstrong says the accredited investor framework works only for people who are already rich—and cuts out everyone else.

Billionaire investor Mark Cuban took a “memecoin” swipe at Brian Armstrong on Monday, in response to Coinbase Global Inc. (NASDAQ: