Authoritative intelligence on Regulation D, Blue Sky, and the regulatory perimeter of private placements
Texas is in the middle of a structural shift in its capital markets posture that no other state can match. The September 2025 SEC approval of the Texas Stock Exchange, the spring 2025 launch of NYSE Texas in Dallas, Nasdaq’s announcement of a Dallas second headquarters, and Texas’s continuing position as a leading domicile for Fortune 500 relocations together signal that the Lone Star State now plans to compete for capital formation activity head-to-head with New York. For Reg D issuers and counsel, the implications run beyond exchange listing decisions: the entire pre-IPO and continuous-private placement architecture is being reshaped.
