The United States Securities and Exchange Commission will convene a public roundtable on March 4, 2026, to examine the rapid expansion of retail access to private markets. The event, scheduled from 1:00 p.m. to 3:00 p.m. Eastern Time, will focus on governance, valuation standards and regulatory considerations as private market products increasingly reach everyday investors through publicly offered vehicles.
As asset managers respond to rising retail demand for exposure to private equity, private credit and alternative strategies, regulators are assessing whether existing frameworks are equipped to manage the shift. Historically, private markets were reserved for institutional and accredited investors, but new fund structures and interval vehicles are narrowing the divide between public and private capital formation.
The SEC is hosting a roundtable on March 4 to discuss private market valuations and responsible retailization. The event will be in-person and live-streamed on https://t.co/kacEcVjwPi.
Agenda and registration info: https://t.co/24ZQRXW7xL pic.twitter.com/gcf8axFgcS
— U.S. Securities and Exchange Commission (@SECGov) February 26, 2026
Brian Daly, Director of the SEC Division of Investment Management, will open the session, followed by remarks from SEC Chairman Paul Atkins. The discussion will bring together executives from asset management firms, credit rating agencies and professional services groups.
Blurring lines between public and private markets
The first panel, titled When Two Worlds Collide, will explore how traditionally private asset classes are moving into publicly accessible products. Panelists include Cliff Asness of AQR Capital Management, Katie King of PwC, John Finley of Blackstone and Marc Pinto of Moody’s Ratings. The session will examine valuation transparency, liquidity management and investor protection as more complex strategies are offered to retail participants.
Market observers are questioning why regulators have not resolved the long-running MMTLP dispute, alleging shareholder losses tied to naked short selling and market manipulation.
What would be the Private Market Valuation of a Private Company with 251m shares with a 3bn Naked Short Position forced into it by a Regulator that deliberately created that situation?
How would you Fairly Reconcile that -taking into account the HARM that Regulator did? #mmtlp— S-1 OMG! (@SamsUxyyeah) February 26, 2026
Governance and compliance in focus
The second panel will concentrate on fund governance as managers design new structures to deliver private market exposure. Moderated by SEC officials Blair Burnett and Michael Republicano, the session will include representatives from PwC, Deloitte, Cleary Gottlieb, Comply and Cliffwater.
Discussions will address compliance with Rule 2a 5, valuation oversight and best practices for managing operational and regulatory risk. The roundtable will be open to the public and livestreamed. Meanwhile, the SEC approved exemptive relief for WisdomTree Digital Trust, clearing the way for its Government Money Market Digital Fund to operate with greater pricing flexibility.
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