The real reason IPOs are flopping is the lack of startup transparency, some experts say. And they worry that a new SEC rule could make things worse

While Silicon Valley VCs blame Wall Street's dominant role in IPOs, corporate governance experts say rules that allowed startups to withhold more information was a cause of recent flopsThey cite the impact of the Jumpstart Our Business Startups Act -- or the JOBS Act -- which allowed startups to file for an IPO confidentially and withhold more information about their financials.They worry that an SEC proposal to open up private markets could make the problem with the lack of transparency worse and hurt individual investors.Check out Business Insider's special series - Founder Frenemies - for more stories on Silicon Valley's changing landscape for startup funding. It's been a year of IPO flops featuring high-profile names like Uber, Lyft and Peloton - and it's causing a stir in Silicon Valley's

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