SOX was so powerful that it managed to caused an 80% decrease in IPOs before it was even passed! And then, after it was passed and enacted, IPOs went down by -174%. Oh sorry, that means that once it was passed and enacted, IPOs went back up by 174%.

There are a lot of factors at work here, ranging from macroeconomic factors, to changing industry structures in both tech and finance. SoX is a factor to be sure, but it's not the only factor.

And besides... if SoX means I get liquidity on private company shares, then hooray for SoX.