[logiduck]

The core issue of the secondaries market is that companies have a conflict of interest not to participate and the control that they want in order to participate essentially violates securities law. Founders want control over the price, who buys the shares, who can sell, etc. Carta and other companies so far haven't been able to solve this problem on mass scale of motivating founders to allow all shareholders to sell on an open market. There was weak demand from the company side so it seems like Carta tried to force it by making the market first and then asking for forgiveness because asking for permission wasn't working.

[xyzzy_plugh]

I agree.

My issue with Carta is now the permission vs forgiveness thing. They won't get the opportunity to ask for forgiveness again at least in my case.