This is a very mistaken impression, the SEC certainly is the regulator with jurisdiction over private share trades. The onus for reporting is just much higher f

This is a very mistaken impression, the SEC certainly is the regulator with jurisdiction over private share trades. The onus for reporting is just much higher for public companies. As a high-profile example, the SEC sued Theranos, a private company with only accredited investors, for making misrepresentations to their investors. https://www.sec.gov/newsroom/press-releases/2018-41 https://www.sec.gov/newsroom/press-releases/2018-41