Main Street Growth Act

S 2068, the Main Street Growth Act, creates a new category of securities exchange called a "venture exchange" to facilitate trading for early-stage companies. It defines "early-stage, growth companies" as those without an IPO and with a market value of shares held by outside investors under $2 billion (adjusted for inflation), and establishes rules for exchanges to register specifically to trade these "venture securities." The bill requires the SEC to approve new venture exchanges within 90 days, restricts venture securities from trading on non-venture exchanges, and mandates clear disclosures about the unique risks of these securities. This directly affects startups seeking capital and investors in high-growth, pre-IPO companies by creating a dedicated trading venue with tailored rules.