Developing and Empowering our Aspiring Leaders Act of 2025

This bill tells the Securities and Exchange Commission (SEC) to update its rules so that more types of investments count for venture capital funds that use the SEC’s registration exemption. It would count two things: shares in a qualifying startup company and investments in another venture capital fund. The SEC must make these changes within 180 days after the bill becomes law. The bill’s short title is the Developing and Empowering our Aspiring Leaders Act of 2025.

Key points:

• Who is affected: Venture capital fund advisers and the companies they invest in.
• What changes: The SEC must revise the definition of “qualifying investment” to include shares of a qualifying portfolio company and investments in another venture capital fund, for purposes of the venture capital adviser registration exemption.
• When: Within 180 days after enactment.