> it’s not a publicly traded security

FYI, this is irrelevant with respect to the SEC's jurisdiction [1].

[1] https://www.sec.gov/oiea/investor-alerts-bulletins/ib_privat...

Your link outlined that unregistered securities don’t have oversight by the SEC and outlined how you better be careful what you’re getting into. It didn’t outline how the SEC regulates them beyond limits on what you can do with them without registering them. They wouldn’t be generally involved in non public shares agreements.

> unregistered securities don’t have oversight by the SEC

The SEC created a safe harbor for registration. The Securities Act of 1933 regulates all securities [1]. This is why private companies issuing shares have to hire securities lawyers.

[1] https://en.m.wikipedia.org/wiki/Securities_Act_of_1933