Archive

Topline

• Government shutdown almost certain as House Republicans unable to agree on plan

• SEC continues to focus on private market regulation

• IRS sharpens focus on high-income earners and larger partnerships

• FinCEN releases CTA compliance guide as implementation date approaches 

• Carta’s Director of Public Policy, Amy Miller, appointed to IRS Committee

Shutdown Watch: T-8 Days

A government funding agreement is right where we left it this time last week: nowhere. The clock, however, keeps ticking, and it is very likely the existing funding expires September 30 without a new deal and the government shuts down, at least for a short time. This remains a dynamic situation with a few possible twists:

• The week started optimistically with a deal between moderate leaders and conservative Freedom Caucus leaders. The deal, however, unraveled quickly as a handful of Republican hardliners refused to go along. House Republican leaders then explored multiple approaches, but everything has failed – including passage of a bill to fund the national defense.

• Next week, Speaker McCarthy plans to call up the other non-defense-related individual spending bills, where Republicans will find it politically easier to cut funding. Lowering the spending levels may satisfy the right flank and gain their support bill by bill.  This strategy only postpones the problem; it does not solve it. 

• The Senate will almost certainly reject anything that can pass the House and will likely counter with a proposal to fund the government at current levels and provide funding for Ukraine and disaster relief. McCarthy would then have to decide to put the Senate measure on the floor and surely risk his speakership.

The politics: Incentives are everything. And they are not aligned. President Biden and the Democrats want to fund the government, but on their terms. And they do not mind watching the Republicans participate in a circular firing squad. The five Republican hardliners want draconian spending cuts that cannot pass and it looks increasingly like they want McCarthy ousted. And McCarthy wants a deal because he knows a shutdown hurts Republicans politically, and, perhaps more importantly, he wants to stay Speaker. The venn diagram is, well, just three separate circles at this point. 

SEC continues to focus on private market regulation 

This week was a busy one for the SEC: the Small Business Capital Formation Advisory Committee (SBCFAC) and the Investor Advisory Committee (IAC) both met to discuss key topics impacting the  the private market ecosystem:

• Regulation D: The IAC met Thursday to discuss exempt offerings under Regulation D, the primary mechanism through which private companies and funds raise capital. The majority of the panelists embraced proposals to increase filing requirements and the amount of information disclosed for certain private companies using Reg D to raise capital, which is in line with changes Democratic SEC Commissioners have suggested. 

• Accredited investor definition: The IAC also discussed updating “accredited investor” qualifications, largely focused on raising the wealth and income thresholds to qualify, requiring periodic reviews, and barring retirement savings from being placed in non-registered investments. 

• Funding for early-stage companies: The SBCFAC met to discuss ways to encourage increasing diversity and investing in early-stage companies. Trends show that diversity is increasing in the venture capital space, but Commissioner Hester Peirce cautioned that regulation like the recently adopted private fund adviser rules would have a disproportionate impact on smaller advisers and create barriers to entry that will inhibit competition and foster consolidation. Members of Congress raised similar concerns around the potential impact of the private fund adviser rules on diverse fund managers and the entrepreneurs they support when the SEC’s Investment Management Division Director testified before the House Financial Services Committee (HFSC). 

Why it matters: The SEC will continue to focus on private markets and is expected to consider reforms to Regulation D that will increase burdens on private issuers raising capital and increase the financial thresholds for investors to qualify as accredited. While IAC recommendations are not binding, they can be persuasive and bolster expected efforts from the Commission to impose additional conditions and require more disclosure for companies seeking to raise capital under Regulation D. SEC Chair Gensler will likely be pushed on these issues when he testifies before the House next week.

Carta’s Director of Public Policy, Amy Miller, appointed to IRS Committee

Carta is excited to announce that Amy Miller, CPA, Director of Public Policy, has been appointed to the IRS Electronic Tax Administration Advisory Committee (ETAAC) where she will have the opportunity to help shape tax policy. Congress established the ETAAC to provide a public forum to discuss electronic tax administration issues.

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IRS sharpens focus on high-income earners and larger partnerships

As part of a rebalance effort, IRS Commissioner Daniel Werfel announced a shift in enforcement focus and resources from low to high-income taxpayers.

• The agency moves ahead with its Strategic Operating Plan to use Inflation Reduction Act funding to expand exam coverage of large partnerships and high-income earners—establishing a new work unit within the Large Business and International (LB&I) division.

• The IRS also announced that it will hire 3,700 new employees to assist with complex partnership audits. The hiring is specifically targeted for higher-skilled and higher-graded (GS-13) revenue agents.

Why it matters: For years, SFC Chair Wyden and other Democrats have questioned why the IRS audited low-income taxpayers at a significantly higher rate than wealthy earners, which is likely the result of a historical lack in IRS funding that is required to conduct complex and larger-scale audit projects. The IRS now has the resources to do so.

FinCEN releases CTA compliance guide as implementation date approaches 

This week, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) released a Small Entity Compliance Guide to assist small businesses to comply with the new beneficial ownership information (BOI) reporting requirements. Starting in 2024, millions of entities registered to do business in the U.S. will be required to report to FinCEN information about their beneficial owners—the individuals who ultimately own or control a company. 

• FinCEN’s latest guide includes clarified guidance and provides examples to help companies identify their beneficial owners that will be required to report information through a new electronic filing system.

• On Wednesday, the HFSC advanced several national security-focused bills, including the bipartisan Protect Small Business and Prevent Illicit Financial Activity Act, which proposes to delay the Corporate Transparency Act’s (CTA) January 1st implementation date, extend the filing deadline for updating BOI for registered small businesses to 90 days, and eliminate a loophole that would possibly allow a reporting company to submit alternative identification.  This bill will not become law, but continues to pressure FinCEN on delay as the deadline approaches.

Why it matters: The CTA has been the subject of bipartisan scrutiny because of its fast-approaching implementation date and lack of clarity and guidance on the filing process. Carta and 19 co-signatories are urging FinCEN to include methods for small businesses and other covered entities to easily submit required information for BOI reporting, which remains set to begin on January 1, 2024.

New: Carta State of Startup Compensation Report

This week Carta published our semiannual State of Startup Compensation report. In the new report, Carta’s Head of Insights discusses the effects the chill in startup fundraising is having on startup employee compensation.

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News to know

• Senators reach agreement on SAFE banking. Lawmakers in the Senate have reached an agreement on the SAFE banking bill, which would make it easier for banks to offer services to legal marijuana businesses, ahead of a planned markup on the legislation next week.

• SEC fines Lyft $10M for failing to disclose board member’s financial interest in private shareholder’s pre-IPO stock transaction. Prior to its public listing in March 2019, a Lyft board director arranged for the sale of private shares through an affiliated SPV, which the SEC alleged Lyft should have disclosed because the company approved the transaction.

• SEC crypto enforcement chief outlines next possible areas of SEC crypto focus. David Hirsch, chief of the SEC Crypto Assets and Cyber Unit, discussed SEC enforcement actions against crypto exchanges, NFT issuers, and issued a warning to institutional investors who are acting as statutory underwriters, signaling potential future enforcement actions.

• SEC adopts funds names rule. In an effort to crack down on “greenwashing,” the rule will require investment companies and business development companies with a particular focus to ensure 80% of the fund’s portfolio matches the asset advertised in its name. The SEC is expected to adopt additional ESG rules for private funds in the near term.

• FTC suit sends signal to private investors in health care. The Federal Trade Commission sued U.S. Anesthesia Partners, one of the largest anesthesiology providers in the country, and its private equity backer, alleging the pair conspired to illegally monopolize the anesthesiology market in Texas and raise prices at the expense of patients, according to a statement Thursday from the agency.

Upcoming events

• Carta Policy Weekly Live - Weekly at 9:00 a.m. PT / 12:00 p.m. ET

• House Financial Services Committee hearing: Oversight of the Securities and Exchange Commission - September 27 at 7:00 a.m. PT / 10:00 a.m. ET

• Brookings Institution: A conversation with FTC Chair Lina Khan and DOJ Assistant Attorney General Jonathan Kanter on antitrust enforcement - October 5 at 7:00 a.m. PT / 10:00 a.m. ET

• Carta event: Unlocking Liquidity for Employees in APAC: The Endowus Story - October 10 at 8:00 p.m. PT / 11:00 p.m. ET

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DISCLOSURE: This publication contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein.

All product names, logos, and brands are property of their respective owners in the U.S. and other countries, and are used for identification purposes only. Use of these names, logos, and brands does not imply affiliation or endorsement. ©2023 eShares Inc., d/b/a Carta Inc. (“Carta”). All rights reserved. Reproduction prohibited.

The Topline

• Washington prepares for bank oversight hearings

• TikTok faces the music

• SEC signals impending Coinbase action

• SBA hearing focuses on fintech access to SBA lending portal

Washington prepares for bank oversight hearings

Next week, Treasury Under Secretary Nellie Liang, FDIC Chair Martin Gruenberg, and Fed Vice Chair for Supervision Michael Barr will appear before the Senate Banking and House Financial Services Committees on March 28 and 29, respectively. These will be the first in a series of hearings on the recent tremors in the U.S. and international banking systems; officials from the San Francisco Federal Reserve are expected to testify in the coming weeks, and senior leadership from SVB and other banks are also being targeted. 

HFSC Chairman Patrick McHenry and other leading policymakers have encouraged fellow lawmakers to understand and investigate the situation prior to proposing solutions and assigning blame, but the posturing has begun Two weeks into the turmoil, here’s where lawmakers are beginning to coalesce on the issues:

• Deposit insurance:Universally guaranteeing deposits over the current cap of $250,000 on FDIC insurance (broadly or temporarily) has been discussed, but is unlikely to cross the finish line. There has also been bipartisan interest in allowing depositors to pay a fee for additional insurance for deposits over the current $ limit. Treasury Secretary Janet Yellen downplayed the idea of a “blanket” deposit guarantee, but said the U.S. would repeat actions taken to protect bank depositors if small lenders are threatened 

• Accounting standards:SVB accounted for many of its Treasury securities in a “held to maturity” portfolio, meaning the bank reflected the value based on their original price or “par,” not the market price, which declined as interest rates rose. When the public learned of the decline in value, it became one of the factors that led to the depositor run. This has ignited a debate on whether securities—and what portion—should be marked to market. Changing the accounting treatment for these securities would be a major shift, and it would also have implications on whether other assets on the balance sheet should be treated similarly, an adjustment banks oppose.

• Enhanced regulation: Both sides agree that banking supervisors failed to appropriately monitor and identify the risks SVB’s practices posed and will push for more oversight. As for the underlying regulatory framework, Democratic proposals to reimplement the components of Dodd-Frank that were rolled back in 2018 and subject critical banking institutions in certain sectors to more supervision are also floating around. Such legislation will create a political fight—including among Democrats—but not advance. The Fed can take unilateral action to implement a stronger regulatory regime for institutions over $100 billion in assets, but do not expect any action until after the Fed issues its SVB report on May 1.

• Executive compensation: Democrats are advocating for Biden-backed reforms to enable expanded clawbacks of executive compensation and pushing the SEC to complete rules around incentive-based compensation arrangements under Section 956 of the Dodd-Frank. 

Implications for the venture ecosystem:The collapse of SVB and its ties to the venture community emboldens the SEC’s agenda to enhance the regulation and scrutiny of private markets, particularly with respect to private funds and private fund advisers. The SEC was originally supposed to adopt a current reporting framework for Form PF this week, though it was delayed at the last minute. The SVB fallout has also delayed—and complicated—the path forward on potentially bipartisan congressional proposals to expand investor access and bolster private markets. The House Financial Services Committee was initially expected to conduct a hearing and vote on private markets-focused legislation this month. And based on conversations with policymakers, some prefer to assess how the SVB debate will unfold before driving the capital formation agenda forward. A key factor that drives the policy debate will be whether the blame shifts from this being a banking issue to one that targets the unique nature of SVB’s client segment: venture capital and private companies. A number of emerging narratives criticize venture’s role in the bank collapse, including VCs driving the heavy concentration of high-risk startups by “requiring” their portfolio companies to bank at SVB. And when those same VC firms saw weakness at SVB, they made their companies pull their money.

Carta Policy Briefing: “Navigating the private markets: How venture funds are regulated”

Wednesday, April 5 at 1:00 pm ET/ 10:00 am PT

The Carta Policy Team will discuss private market policies and current events impact venture capital and funds should be thinking about the current regulatory and political landscape, including:  

• How current market turmoil will affect the policy agenda for private markets

• How proposals such as the private fund advisor rule will impact funds

• How Congress will respond and what that means for capital formation

Register here.

TikTok faces the music

TikTok CEO Shou Zi Chew appeared before the House Energy and Commerce Committee as pressure increases to ban the popular Chinese-owned social media platform. Members on both sides of the aisle lobbed criticisms on many fronts, with a focus on national security concerns, data privacy, content moderation and child protection. The Trump administration began pushing for a sale of TikTok’s U.S. operations in 2020, and the Biden administration doubled down on a domestic ban in recent weeks. TikTok announced a  plan to wall off its U.S. segment from its Chinese parent company, ByteDance, though policymakers dispute the benefits of a separation if the Chinese government would still be able to access data. Ahead of Chew’s congressional testimony, China’s commerce ministry cautioned that it could block TikTok’s planned divestiture as it involves the export of technology, further imperiling the company’s plans.

Why it matters: Chew’s contentious appearance before Congress only strengthened bipartisan concerns around the platform and makes it more likely Congress takes action. This is a rare area where there is general alignment among Democrats, Republicans, and the White House. TikTok is one of many Chinese companies in U.S. markets, and if it is forced to shutter U.S. operations, other companies could face a similar predicament should U.S.-China relations continue to sour. A forced sale could also set a standard of enhanced scrutiny for companies from other countries with which the United States has an adversarial relationship.

SEC signals impending Coinbase action

This week, Coinbase—the largest U.S.-based crypto exchange—disclosed the SEC issued the company a Wells notice, signaling upcoming enforcement actions against the platform’s exchange, staking, and wallet businesses. A Wells notice is typically one of the final steps before the SEC formally issues charges and generally lays out potential violations and offers the opportunity for rebuttal. Such a move, however, is not surprising. Last year, the SEC brought insider trading charges against a former Coinbase manager, under which it declared nine digital tokens that traded on the platform to be securities, though the SEC declined to bring charges against the trading platform—which is not SEC-registered—at that time.

Why it matters:The SEC has been increasingly ramping up its crypto enforcement efforts, but a court has yet to weigh in on the SEC’s authority over crypto products as securities. If the SEC takes action, Coinbase will likely join Ripple, Gemini, and a handful of others who have challenged the SEC’s position. A court decision in any of these matters could have broad implications for the SEC’s ability to continue to aggressively police the industry without additional authorities from Congress, so it’s one to watch.

Next week, SEC Chair Gary Gensler is slated to appear before the House Appropriations Committee next week; expect aggressive questions around the agency’s enforcement-first approach to crypto, in addition to other aspects of his ambitious rulemaking agenda.CFTC Chair Rostin Behnam is also on the docket and is expected to continue to push for more authority and resources to monitor the crypto industry.

SBA hearing focuses on fintech access to SBA lending portal

This week, Small Business Administration Administrator Isabella Gusman defended proposed rules around the 7(a) lending program that would allow fintech participation, highlighting research into the benefits of fintech lenders for individuals in banking deserts. Democrats supported expanding the program to enable broader participation by both lenders and borrowers, while some Republicans expressed caution that fintech participation would compromise the integrity of the program. 

Why it matters: The SBA’s 7(a) program is the most common loan program for small businesses. With traditional bank lending to small businesses declining, the SBA’s recent proposal to create a pathway for nonbanks to participate could enhance small business access to capital. With credit markets tightening, particularly with the fallout from SVB, access to capital for startups will be even more important. 

News to know

• White House report casts doubt on utility of crypto.  The latest Economic Report of the President claims crypto assets fail to offer any widespread economic benefits, such as improved efficiencies or increased financial inclusion. Instead, it characterizes the assets as largely speculative, many having “no fundamental value.” The SEC also issued an investor alert around crypto asset securities.

• SEC proposes expanded electronic filing requirements. Broker-dealers and certain other entities would be required to make electronic filings through the EDGAR system using structured data, where appropriate.

• FTC releases negative options proposal.The Federal Trade Commission published a proposed rule to make it easier for consumers to cancel memberships and subscriptions.

• IRS issues tax guidance around NFTs. The IRS will treat non-fungible tokens (NFTs) as collectibles, implying less favorable treatment under capital gains tax rules.

Upcoming events

• Senate Banking Committee Hearing: Recent Bank Failures and the Federal Regulatory Response – Mar. 28 at 10:00 a.m. ET  

• House Small Business Subcommittee on Economic Growth, Tax, and Capital Access Hearing: The End of Relationship Banking? Examining the CFPB’s ‘Small Business Lending Data Collection’ – Mar. 28 at 10:00 a.m. ET

• House Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Hearing: Fiscal Year 2024 Request for the Commodity Futures Trading Commission – Mar. 28 at 1:00 p.m. ET

• House Financial Services Committee Hearing: The Federal Regulators’ Response to Recent Bank Failures – Mar. 29 at 10:00 a.m. ET

• House Appropriations Subcommittee on Financial Services and General Government Hearing: Fiscal Year 2024 Request for the U.S. Securities and Exchange Commission – Mar. 29 at 2:30 p.m. ET

• Carta Virtual Event: Keep Calm and Legally Carry On: Insights from Chief Legal Officers – Apr. 4 at 2 p.m. (ET)

Sign up below to receive Carta’s Policy Weekly Brief:

DISCLOSURE: This publication contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. 

All product names, logos, and brands are property of their respective owners in the U.S. and other countries, and are used for identification purposes only. Use of these names, logos, and brands does not imply affiliation or endorsement. ©2023 eShares Inc., d/b/a Carta Inc. (“Carta”). All rights reserved. Reproduction prohibited.

Topline

• SEC releases 2026 regulatory agenda with focus on crypto and bolstering public and private markets 

• SCOTUS curtails agency independence, reshaping the future of financial regulation

• U.S. lifts export restrictions on Anthropic models as frontier AI review regime takes shape

• Quick hits

SEC releases 2026 regulatory agenda with focus on crypto and bolstering public and private markets 

The SEC released its 2026 regulatory agenda this week, providing the clearest roadmap yet for Chairman Paul Atkins’s priorities to expand access to private markets, reduce friction for companies to go and stay public, and create durable rules of the road for crypto and tokenized securities. The agenda includes dozens of anticipated rulemakings that reflect Atkins’s broader philosophy: The SEC should provide a clear, durable framework that allows capital to flow, companies to grow, and investors to make informed decisions, not a regulatory structure that controls outcomes or suffocates innovation.

Expanding private market access. A major focus of the agenda is expanding retail access to private markets. Atkins has made clear that fewer public companies mean fewer opportunities for ordinary investors to participate in the growth of the next generation of American enterprise. If more value creation is happening while companies remain private, then the regulatory framework has to account for how investors can responsibly access that growth. The SEC has already taken steps to allow registered fund vehicles to provide broader exposure to private funds, and the agenda suggests the Commission is now looking to formalize and expand that framework through a dedicated rulemaking. The agenda also tees up updates to exempt offering pathways, including potential changes to the accredited investor definition, and a long-awaited proposal on finders—an issue the startup ecosystem has raised for years as a way to help issuers connect with investors without forcing all intermediaries into full broker-dealer registration.

Reducing burdens on private fund advisers. The agenda anticipates reforms that could reduce compliance burdens on private fund advisers. The SEC and CFTC have already proposed significant changes to Form PF, including raising the filing threshold from $150 million to $1 billion in private fund AUM and eliminating certain quarterly event reporting and current reporting requirements—changes that would eliminate filing obligations for almost half of advisers currently required to file, while still preserving visibility into more than 90% of reported private fund gross asset value. The agenda also previews potential changes to pay-to-play restrictions, which could reduce compliance exposure for advisers raising from public pension LPs; adviser recordkeeping requirements for electronic communications; and the custody rule. On custody, the agenda’s primary focus is modernizing the framework for digital assets, but any reopening of the rules could create an opportunity to address persistent private fund pain points, including the treatment of co-investment SPVs and other holding structures that can trigger separate audit and compliance obligations under current guidance.

Revamping public markets. The agenda continues Atkins’s “Make IPOs Great Again” push. Several public company reforms are already moving, including disclosure modernization, semiannual reporting, EGC accommodations, filer-status simplification, and registered offering reform—all designed to reduce the cost of being public and make the public markets more attractive and sustainable once companies arrive there. The agenda also includes anticipated Rule 144 safe harbor amendments, which could have direct implications for secondary liquidity by easing resale constraints on restricted and control securities and improving the pre-IPO resale pipeline. Taken together, these reforms connect the full company lifecycle: private capital formation, secondary liquidity, IPO readiness, and the cost of remaining public.

Crypto clarity. The agenda reflects the SEC’s continued focus on crypto, underscoring the agency’s broader posture that blockchain is becoming market infrastructure, not just an asset class. The Commission is expected to formalize what it has largely been delivering through staff guidance, no-action letters, and enforcement restraint—a rules-based framework for crypto capital raising, custody, trading, and tokenized securities. That matters because rulemaking gives market participants more durable legal authority than interpretive guidance, particularly as progress on the CLARITY Act remains uncertain in the Senate. 

What’s not included: AML and AI? The most recent agenda does not include a previously referenced joint customer identification program rulemaking with FinCEN, which is consistent with Treasury’s decision to delay the related adviser AML/CFT investment adviser rule until January 2028. That does not mean adviser AML obligations are off the table, but it does suggest the policy direction is shifting from near-term implementation to reconsideration of scope, timing, and operational burden.

The agenda is notably silent on AI, even as it is reshaping how firms communicate with investors, provide advice, automate compliance, detect fraud, and manage cyber risk, yet there is no reference to the disruptive technology on the agenda. Part of that may be timing, as the regulatory roadmap is often finalized months before release—and the regulatory scrutiny has notably intensified over the past few months. But it could also signal a deliberate choice. Rather than regulate AI as a separate product category, the SEC may be more inclined to address its use through existing obligations around fiduciary duty, conflicts, supervision, books and records, cybersecurity, disclosure, and anti-fraud authority. Either way, policymakers will face increasing pressure to answer downstream questions around cyber-enabled market abuse, automated advice, model governance, vendor risk, and the use of AI agents in trading and compliance—questions the SEC will eventually have to answer.

Why it matters: We are at an inflection point where policy and innovation are converging to reshape the infrastructure of capital markets. The Atkins SEC is trying to rebuild the capital markets framework around innovation, access, and U.S. competitiveness. The boundaries between public and private markets are blurring, new investor classes are gaining access, and technology is changing the infrastructure on which they operate. This is a real opportunity to shape the future of private capital in a way that not only bolsters the ecosystem but also broadens it in a more responsible and sustainable manner. 

SCOTUS curtails agency independence, reshaping the future of financial regulation

On June 29, the Supreme Court issued one of its most consequential administrative law decisions in decades. In Trump v. Slaughter, the Court ruled 6-3 that presidents may remove commissioners at independent federal agencies—including the SEC, CFTC, and FTC—without cause, overturning the nearly century-old Humphrey’s Executor precedent that had insulated those officials from at-will presidential removal. The decision fundamentally reshapes the balance of power between the White House and independent regulators, making clear that agencies exercising executive authority are ultimately accountable to the President.

The lone exception: the Federal Reserve. In a separate 5-4 decision, the Court preserved the Fed's removal protections based on its unique historical role in monetary policy and the national economy.

Background: The case arose after President Trump removed Democratic FTC Commissioners Rebecca Kelly Slaughter and Alvaro Bedoya in March 2025 because their continued service was “inconsistent with his Administration’s priorities.” Slaughter challenged her dismissal, arguing that the FTC Act permits removal only for “inefficiency, neglect of duty, or malfeasance in office,” consistent with Humphrey’s Executor. Although she initially prevailed in the lower courts, the Supreme Court held that those statutory removal protections are unconstitutional because FTC commissioners exercise executive power and therefore must remain accountable to the President. In doing so, the Court rejected the constitutional foundation that has supported the independence of many multi-member regulatory commissions like the SEC for more than 90 years.

Why it matters: Financial regulation is increasingly made through agency rulemaking, guidance, and enforcement rather than congressional legislation. Although SEC chairs have always established the Commission’s policy agenda, Congress intentionally designed independent commissions with bipartisan membership and staggered five-year terms to provide continuity and regulatory stability across administrations. Slaughter changes that dynamic. The president now has greater influence over both the composition and policy direction of independent agencies, increasing the likelihood that regulators move more quickly—and more uniformly—to implement an administration’s priorities.

As a result, policy may become more politically responsive, but also more susceptible to change every four years.

For private markets, the practical implications are significant. An administration seeking to expand capital formation, modernize exempt offerings, broaden retail access to private markets, or accelerate crypto regulation may now have greater ability to ensure agency leadership executes that agenda without internal resistance. Bipartisan commissions may be a thing of the past. But the same is true in the opposite direction. Future administrations could rapidly reverse course on those same priorities, making regulatory policy more responsive to elections but less durable over time. 

The practical consequence is that lasting policy changes may increasingly require congressional action rather than agency rulemaking alone. Market participants that have looked to regulators to deliver durable reforms may find that those reforms are only as stable as the administration that adopted them.

Bottom line: Together with Loper Bright and the Court’s broader effort to narrow agency authority, Slaughter continues the Roberts Court's broader project of reshaping the administrative state. The decision doesn’t simply affect who leads federal agencies; it changes how durable financial regulation will be. Presidential elections will carry greater weight, agency independence will play a smaller role, and long-term regulatory certainty will increasingly depend on Congress rather than administrative discretion.

This is why getting the INVEST Act across the finish line is so critical—and why continued ecosystem engagement is so critical.

U.S. lifts export restrictions on Anthropic models as frontier AI review regime takes shape

The administration lifted export controls on Anthropic's Claude Mythos 5 and Fable 5 on June 30, ending a nearly three-week shutdown triggered by national security concerns over Fable 5’s cybersecurity capabilities. Redeployment followed additional safety review and a commitment from Anthropic to proactively address security risks, work with the government on evaluation standards for future models, and flag malicious activity—terms that track directly with the company’s posture that frontier AI companies need clearer, more predictable rules around model security. Commerce Secretary Lutnick separately authorized Mythos 5 access for a select group of critical infrastructure operators and federal agencies ahead of the full lift, establishing a tiered redeployment structure that previews what a formal trusted-partner regime may look like in practice.

OpenAI followed a similar path with GPT-5.6, launching to roughly 20 government-vetted partners on June 26 at the administration's request before broader availability on July 9.  OpenAI was unambiguous that it viewed the arrangement as a one-time accommodation, not a template for a government access process to become the long-term default.

Why it matters: Together, the Anthropic and OpenAI episodes suggest the June 2 executive order's nominally voluntary security certification process—which the order itself expressly disclaims as any form of mandatory licensing or preclearance—may already be functioning as the de facto launch pathway for the most capable models. Both cases ran on ad hoc government pressure well ahead of the August 1 deadline by which NSA and the multi-agency group must publish the classified benchmarking criteria and formal framework rules that would actually define what a “covered frontier model” is and what review entails. Frontier AI regulation is being written in real time, largely through case-by-case engagement with the leading private labs, and the gap between voluntary framing and operational reality is significant..

For investors and end-users, model capability is no longer the only variable: launch timing, access restrictions, and compliance exposure now factor into product and investment calculus. The administration’s de facto review regime is itself the strongest argument for what industry has been pushing for: a transparent, risk-based framework with clear criteria, defined timelines, and predictable outcomes. An ad hoc review process that delays or restricts U.S. model access abroad does not just create domestic compliance uncertainty; it risks ceding ground in the global race to define the AI market.

Quick hits

• Illinois enacts its own AI safety law as Congress struggles to advance federal framework. Illinois Governor JB Pritzker signed the Artificial Intelligence Safety Measures (SB 315) into law this week, making Illinois the first state to require independent third-party safety audits of AI systems before deployment. The law was backed by both OpenAI and Anthropic, which are also navigating the federal government’s voluntary certification framework established by the June 2 Executive Order. Illinois joins a growing patchwork of state AI regulation, following California’s SB 53 and New York’s RAISE Act. At the same time, the Trump administration continues to push for federal preemption of state AI laws, arguing that a fragmented regulatory landscape will undermine U.S. competitiveness. But as Congress struggles to establish a durable federal framework, states are moving ahead. For AI developers operating nationwide, compliance is becoming increasingly complex, while the case for federal preemption grows more difficult as state regimes become more entrenched.

• Treasury to accept public stock donations for Trump Accounts. The Treasury Department announced it will accept donations of publicly traded stock to fund the new Trump Accounts, expanding the types of assets that can be used to seed the tax-advantaged children's investment accounts launched on July 4. The structure allows donors to contribute appreciated shares without triggering capital gains tax, creating a potentially attractive vehicle for founders and other large equity holders. Treasury officials expect the change to encourage significantly more private contributions, with high-profile donors already pledging stock. The details, however, remain unresolved. Treasury has yet to explain how individual stock donations will work within a program that, by statute, invests in mutual funds and ETFs, leaving open questions around valuation, liquidation, eligibility, and administration. 

Carta’s take: Beyond Trump Accounts, the initiative could expand the use of stock as a mainstream funding mechanism for long-term savings. Developing the operational and tax  infrastructure could bolster broader efforts to modernize retirement and wealth-building policy—including proposals to allow private company equity and other appreciated assets to be contributed directly into tax-advantaged retirement accounts. The result would be a shift toward treating equity ownership itself, rather than cash alone, as a core building block of long-term wealth accumulation.

• Federal Reserve proposes updates to its anti-money laundering rules. On July 7, the Federal Reserve proposed amendments to its anti-money laundering and countering the financing of terrorism requirements for banks, aligning its standards with rules already proposed in April by FinCEN, the OCC, the FDIC, and the NCUA. The core shift is risk-based: Rather than applying compliance resources uniformly, banks would be required to concentrate AML/CFT programs on “higher-risk customers and activities.” Critically, the proposal raises the bar for Fed enforcement, limiting formal AML actions to only “significant or systemic” program failures—a threshold with no defined floor, meaning that banks could contest whether incremental compliance failures clear the bar before the Fed can formally act. Fed Governor Michael Barr dissented against this ambiguity, warning that the new standard is undefined and could limit the Board’s ability to hold banks accountable. The comment period will be open for 60 days.

• Fed’s Warsh names leadership for five new task forces. On July 9, Fed Chair Kevin Warsh announced the membership of five external task forces charged with recommending operational reforms to the central bank. The task forces draw on a roster of figures who have shaped modern technology, economic research, and global monetary policy, including VC Marc Andreessen, who is tasked with evaluating how AI and emerging technologies will reshape employment, productivity, and economic growth as head of the productivity and jobs panel. This mandate is not incidental: How the Fed models AI’s productivity impact directly shapes its assumptions about inflation and appropriate interest rate levels. While major institutional changes require FOMC consensus, the composition of these panels suggests that Warsh is serious about bringing outside perspectives into this expanding regulatory landscape.

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Topline

• Policymakers pivot on tax, potentially into carried interest

• Crypto faces headwinds over Trump’s industry ties

• Innovation Coalition letter to Chairman Atkins

• One deal down, many more to go

• Carta Virtual Event: Tariff Turmoil: Implications for Private Capital

Policymakers pivot on tax, potentially into carried interest

What’s $500B between friends?

The House tax-writing committee has signaled it is ~$500 billion short in funding necessary to make the expiring provisions of the Tax Cuts and Jobs Act permanent and advance President Trump’s additional priorities. His response: End favored carried interest tax treatment and increase the tax rate on the wealthiest Americans. 

How we got here: Republicans are pursuing a reconciliation strategy that enables them to pass a tax bill with simple (Republican-only) majorities. The catch: To placate budget hawks and pass the reconciliation instructions, Speaker Johnson committed to finding $2 trillion in spending cuts for $4.5 trillion in tax cuts. Every dollar short of that number decreases the scope of the tax cuts. The problem: To  reach that level of savings, Congress has to hit safety-net programs like Medicaid, and that is an issue for the party’s moderate wing in competitive districts. So we are at an impasse, and the push now is to pass a less big, less beautiful bill—$4 trillion in tax cuts for $1.5 trillion in spending cuts. 

Next steps: The House tax-writing committee is expected to release aspects of the bill in the coming days and consider and vote on text next week, though everything is fluid and subject to shift. The President is meeting with the tax committee leader today (Friday), and based on his preference for making the provisions permanent and adding more relief, will likely push the leaders to find the cuts. And if it doesn’t come from programs like Medicaid, it may be coming from, you guessed it, provisions that matter to the innovation economy. 

Innovator Alliance: Carta and its partners in the Innovator Alliance continue to engage policymakers to fight for our priorities. Below is a snapshot and state of play.

• Carried interest: Eliminating the favorable tax treatment for carried interest by shifting the long-term capital gains rate to ordinary income would strike at the fundamentals of fund economics. It would only raise $15 billion, a small number, relatively speaking, but every offset dollar matters at this point.  And the fact the president continues to target the provision puts it in real jeopardy. Congressional Republicans don’t want to cut the tax treatment, they need to raise revenue and the president continues to target it, so the provision is in real jeopardy. Our aim is to preserve the current treatment, but industry may need to be ready with a compromise solution.

  • Bottom line: Is that liquidity window open yet…

• R&D: Our goal is to reinstate immediate expensing of R&D investments. This is expected to be included in the bill, though it is likely a temporary four-year fix rather than permanent given the cost pressure. Further, it is likely to only be retroactive to January 2025, not 2022; and although the U.S.-related R&D costs will be fully expensed in the year they are incurred, the international side will still require some amortization. The biggest threat to this provision is that the entire bill falls apart and Congress does a narrow “extenders package” at the end of the year.

  • Bottom line: Not everything we want, but positive progress. 

• Qualified Small Business Stock: Our primary goal is to preserve QSBS treatment. It has come under fire, so rather than play defense, we are playing offense, supporting legislation in both the House and Senate to expand the provision to more corporate entities and financing arrangements. This expansion language is unlikely to be included, but if we are talking about expansion, we are in a better posture to play defense. The reality is if they need cuts, QSBS is in scope, so we are keeping the pressure up to preserve it.

  • Bottom line: Decent shape, but don’t consider it safe until the bill is done (and remember, Carta attests your QSBS shares).

We will know more this coming week, but no matter what, the debate will take time, so engagement will matter. Contact us to learn more or get involved with us or our coalitions.

Crypto faces headwinds over Trump’s industry ties

Congressional efforts to create a regulatory framework for stablecoins hit a snag this week, dimming hopes for legislation to reach the president’s desk in the near term. The Senate stablecoin bill—the GENIUS Act—appeared on track to pass the upper chamber with strong bipartisan backing, but hit a surprise roadblock over the weekend when nine likely Democratic supporters pulled their support for the most recent version. Despite ongoing negotiations and calls for delay, Senate leadership proceeded with a vote to open debate on the measure, which failed to reach the 60-vote threshold by a vote of 48-49 (Republican Sens. Rand Paul and Josh Hawley joined Democrats in opposition).

Why it matters: Crypto momentum seemed strong heading into this Congress, but concerns over Trump family crypto dealings have thrown a wrench in the process. While many Democrats support the industry’s calls for clear rules—even more so given Trump’s ties to the industry—the pressure to address these perceived conflicts in legislation will only intensify. The longer this goes, the harder it gets. And a more drawn-out process limits bandwidth for other priorities, like capital formation.

Outlook: We are still bullish that stablecoins—the lower-hanging fruit—gets done. The more complex, multijurisdictional market structure framework is harder. While Congress continues to work through legislation, regulators like the SEC are making headway and have indicated a willingness to move forward even in the absence of legislation. 

Dear Chairman Atkins…

While the SEC has its hands full with digital assets, we want to ensure capital formation also remains top of mind. To that end, Carta led a group of innovation-focused organizations in a letter to Chairman Atkins encouraging him to prioritize policies to bolster capital formation and expand private market investment options for more Americans, including:

• Expanding VC qualifying investments and fund parameters to bolster emerging managers and increase access to capital

• Modernizing the accredited investor standard to include sophistication on-ramps beyond financial metrics 

• Expanding retail access to private market investments through professionally managed funds and investment professionals

• Reducing frictions in capital-raising process and improving the private fund adviser regulatory framework

. Check out the letter here.

One deal down, 199 to go

This week, President Trump announced a trade agreement with the UK. Details are still being ironed out, but here are some broad contours of the agreement:

• Lower UK tariffs on U.S. beef, ethanol, and other products, opening UK markets to $5 billion in new U.S. agriculture exports

• 10% U.S. tariff will still apply to most UK imports, but the deal exempts steel and aluminum and lowers the auto levy from 27.5% to 10%.

• The deal does not address the UK’s 2% digital services tax or the treatment of pharmaceuticals, though negotiations are reportedly ongoing. 

How we got here: The broad-based tariff policy set in motion under Trump breaks into two buckets: China and everyone else. For the latter, the administration has adopted a more measured approach, pausing implementation on the higher reciprocal tariff rates but leaving them in place to put pressure on dealmaking. China is another story; instead of taking a pause, the U.S. escalated to the highest level, with China responding in kind. The U.S. and China have reached stasis, at least publicly, and Treasury Secretary Bessent and his Chinese counterpart are preparing to meet this weekend in Switzerland. 

Why it matters: The U.S.-UK deal helps fuel investor optimism and consumer confidence in future deals and off-ramps, providing the administration with more runway to execute. But this deal was lower hanging fruit; others—like China—will not be as easy. To set expectations, the administration has acknowledged near-term economic pain, but is messaging that this pressure—combined with tax cuts and deregulation—will lead to better trade deals and drive long-term economic expansion. As we learned shortly after Liberation Day, Americans — and their representatives — only have so much patience for turmoil and economic pain. And the anticipated price hikes and supply chain disruptions are only just beginning. 

What’s next: The 90-day clock on the remaining deals ends in July, which will create reset questions soon. And even as discussions may lead to progress, this new trade dynamic will be protracted due to the dozens of nations we are trying to reach terms with and because any U.S.-China deal is likely to be a complex negotiation. So settle in, we’re just getting started.

But with an American Pope hopefully we can wrap a deal with Vatican City pretty quickly…

Carta webinar on tariffs and private capital

To learn more about the impacts of tariffs on private capital, join us on Wednesday, June 4 | 10:00am PT / 1:00pm ET

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Quick hits

• CFPB rolls back dozens of policy statements, interpretive rules, advisory opinions issued since the agency’s inception. The agency is also expected to push the court to vacate a Biden-era open banking rule. The CFPB plans to ask a court to vacate the prior administration’s Section 1033 open banking rule, which gave consumers greater control over their financial data. 

• Trump’s pick to lead CFPB nominated for Treasury post. President Trump nominated Jonathan McKernan to serve as undersecretary of domestic finance at the Treasury Department. House Republicans release digital asset market structure discussion draft; Democrats boycott hearing over Trump crypto ties. 

• U.S. to overhaul curbs on AI chip exports after industry backlash. The rule, which would limit how many AI chips certain countries could buy, was set to take effect on May 15. The focus is expected to turn to how to block China from accessing chips. 

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Topline

• President Biden insists he will stay in the race…and win

• Republican platform on tax, crypto, immigration

• SEC latest regulatory agenda focused on private markets

• Crypto remains top of mind on Capitol Hill

• House Republicans call for review of agency actions in the wake of Chevron decision

President Biden insists he will stay in the race…and win

President Biden remains committed to staying in the race, but a growing list of elected officials are calling for him to withdraw. He is the only person who can make the decision, as the nominating delegates are pledged to him, and he would need to withdraw to open up the process. Despite that, pressure from others—especially elected members fighting tough races that will determine the fate of the House, Senate, and statehouses— will inform the outcome, so watch to see if demand for his withdrawal grows strong enough to break the dam. 

Republican platform previews familiar priorities

As Republicans prepare for next week’s convention, the Party released its 2024 policy platform, outlining Republican positions on key issues:

• Taxes: Prioritize making permanent and expanding several expiring provisions of the Tax Code and Jobs Act (TCJA), including the enhanced standard deduction and expanded child tax credit.

• Artificial intelligence: Bolster emerging industries by repealing the Biden Administration’s Executive Order on AI and pushing policies rooted in “free speech and human flourishing.”

• Crypto: Oppose a central bank digital currency (CBDC), defend bitcoin mining, protect self-custody of digital assets, and limit government oversight of digital transactions. 

• Immigration: Stem illegal immigration and prioritize merit-based immigration over asylum.

• Supply chain and jobs: Revive the industrial base and protect critical infrastructure while strengthening the U.S. manufacturing base and bringing home critical supply chains that bolster national security and economic growth.

Why it matters: The platform is a messaging document, and the 2024 Republican edition aligns heavily with the rhetoric favored by former President Trump and the right wing of his party. These talking points will dominate next week’s Republican convention, where Trump will be formally nominated and announce his vice presidential candidate.  

New: Carta Policy Insights: Decoding the Data

This week, the Carta policy team published the inaugural edition of Carta Policy Insights: Decoding the Data where we analyze trends in private markets to inform public policy solutions.

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Our first edition highlights the disproportionate distribution of venture capital (VC) across the country while demonstrating opportunities for policy changes to broaden venture capital, expand investor access, and unlock innovation. 

Key findings include: 

• State dominance: California and the West retain a historical edge in VC funding.

• Per capita leaders: Massachusetts and DC have high per capita VC fundraising.

• Wealth correlation: 7 of the top 10 VC fundraising states have per capita income above the national average.

• Accredited investors: Density (more than quantity) of accredited investors appears to influence per capita funding of VC.

New SEC regulatory agenda focused on private markets

The administration released its latest regulatory agenda, which includes top priorities for the SEC. Private market reforms remain a priority for the agency, though recent court decisions and the upcoming election may limit the feasibility of achieving these goals. Below are a few highlights and potential implications for the ecosystem:

• Private fund advisers: The SEC anticipates finalizing proposals that would impose new compliance obligations on SEC-registered private fund advisers related to cybersecurity risk management, vendor due diligence, and ESG disclosures. 
  
  Outlook: The Fifth Circuit’s decision to strike down the private fund adviser rules-–in addition to the Supreme Court repeal of Chevron deference—will limit the SEC’s authority to impose new obligations on private equity and venture capital fund managers. While SEC has signaled it would re-propose some of its more controversial proposals—namely the predictive data analytics and custody proposals—the other private fund adviser items will need to be evaluated in light of the recent court decisions (and private fund trades are pushing the Commission to scrap these proposals as a result). 
  

• Capital access: The SEC anticipates proposing reforms to Regulation D, the primary vehicle through which companies and funds raise capital in private markets, as well as raising the financial thresholds to qualify as an accredited investor. 
  
  Outlook: If adopted, these actions could increase friction in the capital-raising process and lessen the number of individuals who would qualify and be able to access private market investment opportunities, reducing an important source of capital for founders and fund managers, particularly in lower-income regions that may lack access to established capital-raising networks. No action is anticipated until next year, which means the election outcome will impact whether these items advance. The SEC is expected to finalize a modest inflation adjustment to the qualifying venture capital fund parameters.
  

• Private companies: The SEC anticipates proposing changes to the way “holders of record” are counted under Section 12(g), which could push more private companies into the public markets before they are ready, reduce competition, and limit investor access if the use of SPVs and other fund structures is constrained. Commissioners have also signaled interest in imposing a  public company-like disclosure regime through changes to Regulation D.
  
  Outlook: Similar to the priorities impacting capital access, no action is anticipated on either provision prior to the election. Further, Chevron repeal will make it harder for the SEC to make changes to 12(g) without further congressional authorization.
  

• AML/CFT: FinCEN and the SEC have proposed rules to expand anti-money laundering/countering the financing of terrorism (AML/CFT) regulations to investment advisers, which would include SEC-registered private fund advisers and venture capital fund advisers who are exempt reporting advisers. 
  
  Outlook: FinCEN is expected to adopt final rules to expand AML/CFT obligations to investment advisers later this summer, though other proposed enhancements will likely be delayed until next year.

Crypto remains top of mind on Capitol Hill

Not only did crypto policy make its debut in the Republican platform, but it was a prominent theme in Washington this week. Advocates participated in meetings across the Hill and closed-door meetings with lawmakers and administration officials, in addition to a slew of legislative activity:

• Senate Agriculture Committee hearing: CFTC Chair Rostin Behnam pressed senators on the importance of enacting a framework to regulate digital assets during a committee hearing, calling the current path unsustainable. Senator Debbie Stabenow, who chairs the Senate Agriculture Committee, is working on legislation to regulate the digital commodity spot market. Senate Banking Chair Sherrod Brown, a crypto skeptic, has also expressed openness to moving a crypto market structure reform bill.

• SAB 121: The House failed to overturn President Biden’s veto of SEC’s staff accounting bulletin 121, which requires digital assets held in custody to be booked on the balance sheet unlike other custodied assets, disincentivizing financial institutions from participating n the crypto custody business (though the SEC has reportedly been working with banks on a one-off basis to bypass these requirements). Although the measure passed 228-184 with the support of 21 Democrats, it failed to reach the ⅔ threshold required to overturn a presidential veto. Members may attempt to repeal the SEC guidance through other legislative paths. 

• Nominations hearing: Senators expressed the need for crypto firms to have access to banking services to the FDIC Chair nominee, while criticizing the SEC hostility toward the industry.

Why it matters: Political realities have changed the legislative trajectory for digital asset regulation as once crypto skeptics have shifted their stance. Even the SEC—the industry’s biggest foe—seems to be softening. Despite the momentum and growing bipartisan support, it is unlikely a comprehensive framework gets done this Congress, but this activity builds the foundation for action next year.

Tune in for Carta Policy Live on July 19

The administration recently proposed its outbound investment rule, which would curtail U.S. investment related to key geographical regions that fund and support the development of key technologies. On this edition of Policy Live, the Carta team will be joined by a special guest, Jesse Sucher, former Senior Adviser to the Assistant Secretary for Investment Security at the U.S. Department of the Treasury, to discuss the rule.

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House Republicans call for review of agency actions in the wake of Chevron repeal

This week, House Republicans seized on the Supreme Court’s reversal of the Chevron doctrine to push back on administration actions. House Republican committee chairs sent letters for 14 of the 15 cabinet-level departments and another 22 agencies, asking for information on how the overturning of Chevron would influence actions, litigation, and enforcement, particularly as they relate to the White House’s climate, clean energy, and environment priorities. 

The impact of the overturning of Chevron is already being felt. This week, the Fifth Circuit court heard oral arguments in a case seeking to overturn a Biden administration ESG investing rule, which would enable private pension funds to consider ESG factors in investment decisions as a “tiebreaker” if other financial risk/reward considerations are determined to be equal. Last September, a district court in Texas dismissed the case in favor of the Department of Labor, citing the Chevron doctrine.  

Why it matters: While agencies continue to grapple with how to respond, the courts will begin to step in as more legal challenges are expected to follow. The ESG investing rule challenge will be the first test of how courts will approach statutory interpretation post-Chevron, and to what extent agency guidance influences the decision. A patchwork of judicial interpretations could lead to uncertainty across the federal regulatory landscape, and agencies and policymakers will have to reevaluate the legislative and rulemaking process to reduce ambiguity and minimize conflicts. 

Policy Playbook: How the 2024 Election Could Shape Private Market Policy

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Policy is infrastructure. From tax reform to private market regulation, the upcoming presidential and congressional elections will influence private market policy outcomes that impact how funds and small businesses operate. Carta’s Policy team and policy leaders will preview how the elections could shape key issues. The discussion will cover:

• Key policy areas to watch in 2025, including tax reform and capital market regulation

• How funds and small businesses can best navigate the shifting political and policy landscape

• How Carta and others private market leaders are engaging to drive the policy debate

News to know

• Judge backs challenge to FTC’s noncompete ban, at least for now (New York Times)

• California takes lead on regulating private equity health deals (Bloomberg Law)

• SEC ends probe into Paxos over Binance USD token (WSJ)

• IRS finalizes new regulations for crypto tax reporting (TechCrunch)

• Wall Street wins after Powell signals changes to contentious bank rules (Bloomberg)

• FinCEN issues proposed rule to strengthen and modernize financial institutions’ AML/CFT programs (Department of Treasury)

Upcoming events

• July 17 - Carta event: Startup Fundraising 101: Crafting a Winning Pitch

• July 23 - Carta event: NYSE: Getting your Company IPO Ready

• July 24 - Carta event: Essential Tools for Startup Success: Equity Management

• July 25 - SEC event: OMWI Fireside Chat with Chair Gensler

• July 30 - SEC event: Small Business Capital Formation Advisory Committee Meeting

• July 31 - Carta event: Policy Playbook: How the 2024 Election Could Shape Private Market Policy

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