SEC's New Crypto Offering Rule Lets Startups Skip Financial Statements Entirely
A crypto startup can raise $5 million from any member of the public, run general advertising, require no financial statements, and place no cap on what a single non-accredited investor puts in — while
The Real Job of a First Close
Most emerging managers think a first close is the moment they can finally exhale. It is not. A first close is not the finish line. It is proof the market can finally believe you. That distinction m...
SEC Proposes Killing the Baby Shelf Rule: What It Means for Private Market Investors
The Securities and Exchange Commission proposed eliminating the "baby shelf" limitations for smaller public companies in May 2026, as part of a broader three-part capital formation package under Ch...
The INVEST Act: What the House-Passed Capital Formation Bill Could Change for Private Investors
TL;DR: The Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025 (H.R. 3383) , known as the INVEST Act, passed the House 302-123 on December 11, 2025. Eighty-seven