To be honest I didn&#x27;t read the legislation. The interesting thing about FB and SecondMarket is FB agreed to allow that and probably approved each and every sale. Since this system already works I can only imagine the legislation will make it either compulsory or painful to avoid.<p>The other interesting thing is the FB&#x2F;SecondMarket situation did actually look like an investment round in the way that it set a share price and valuation. From what I remember SecondMarket set up weekly auctions for FB shares right up until the IPO and guess what the IPO did? Closed at the open.<p>There is no way to tell but I bet if the SecondMarket sales hadn&#x27;t happened it would have done what most hot tech IPOs do, set an artificially low IPO price and cash in on the pop.