# 119-s-3351: A bill to require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes.

119-s-3351, A bill to require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes., is a 119th Congress bill sponsored by Sen. Rounds, Mike [R-SD] (R-SD); status introduced (as of 2026-04-21).

- Canonical: https://policyrisk.com/legislation/119-s-3351
- As of: 2026-04-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-3351
- Congress: 119
- Title: A bill to require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes.
- Status: introduced
- Introduced: 2025-12-04
- Sponsor: Sen. Rounds, Mike [R-SD] (R-SD)
- Cosponsors: 1
- Policy area: Finance and Financial Sector
- Touches household money: no
- Last recorded action: 2026-04-21

## Summary

A bill to require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes.

## Cosponsors (1)

- Sen. Warnock, Raphael G. [D-GA] (D-GA), 2025-12-04T00:00:00.000Z

## Related bills

- 119-s-5066: Health Equity and Accountability Act of 2026
- 119-s-3257: John A. Hauser Mental Health in Aviation Act
- 119-s-1260: Rural Housing Service Reform Act of 2025
- 119-s-890: Choice in Affordable Housing Act of 2025
- 119-s-3597: National Quantum Initiative Reauthorization Act of 2026
- 119-s-3940: Access to Fair Financing for Opportunity and Resilient Development Act

## Sources
- [119-s-3351 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/3351)

## Related
- [119-s-5066: Health Equity and Accountability Act of 2026](https://policyrisk.com/legislation/119-s-5066)
- [119-s-3257: John A. Hauser Mental Health in Aviation Act](https://policyrisk.com/legislation/119-s-3257)
- [119-s-1260: Rural Housing Service Reform Act of 2025](https://policyrisk.com/legislation/119-s-1260)
- [119-s-890: Choice in Affordable Housing Act of 2025](https://policyrisk.com/legislation/119-s-890)
- [119-s-3597: National Quantum Initiative Reauthorization Act of 2026](https://policyrisk.com/legislation/119-s-3597)
- [119-s-3940: Access to Fair Financing for Opportunity and Resilient Development Act](https://policyrisk.com/legislation/119-s-3940)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-3351 (as of 2026-04-21).