Carta Policy looks back on key 2025 wins—including tax reform, the INVEST Act, and SEC engagement—and previews a pivotal 2026 for private market regulation, capital access, and digital asset policy.

Policy shifts and product innovations in private credit are helping to expand access for investors. Learn how the regulatory landscape is impacting fund operations and what's next for this private market pillar.

Industry pushed policymakers to delay and repropose the rules, originally scheduled to take effect January 1, 2026. Investment advisers are now exempted until January 1, 2028.

In the first installment of our new series, the Carta policy team takes a look at the issues, the dynamics, the flashpoints, and the moments to watch in a tumultuous year.

Learn the key differences between the exemptions for private funds offered by Section 3(c)(1) and Section 3(c)(7) of the Investment Company Act.

Here’s what to expect from Congress and the new administration in 2025 and how the policy agenda will impact the innovation ecosystem—private equity, venture capital, and the startups and small businesses they support.