On December 11, 2025, the U.S. House of Representatives passed the Incentivizing New Ventures and Economic Strength Through Capital Formation Act [1] (“INVEST Act”) by a bipartisan vote of 302 to 123. If passed by the Senate and signed into law by the President, the INVEST Act would, among other things, enable certain venture capital fund managers to remain unregistered with the Securities and Exchange Commission (“SEC”) while raising more capital from more retail investors and deploying capital in the booming secondaries market for private venture investments. READ MORE