FWIW even if we weren't in this admin, I think it would be a harder sell to increase reporting requirements on private companies. The whole point of private capital and private companies is that LPs (edit: liquidity providers) are required to have some form of accreditation to prove that they aren't dumb money and that they have the capital to weather large drawdowns.

The problem of growing private capital markets and liquidity has been an issue for ~20 years now.

Yeah. It's not obvious how to do it. I just wish that policy people would do some thinking in this direction.

(Nit: I believe that in venture contexts, LP = "limited partners". A "liquidity provider" usually means the same thing as a market maker, at which point you're talking about the secondary / listed / public markets.)