Indeed that is it. The biggest legal scam every written into the US tax code to give huge tax relief to a very small uber rich group of highly compensated hedge fund managers, letting them claim capital gains tax on gains on their fees for managing their clients investments. They don't put up any cash but they claim they are investors. If they put their own money into their fund, fine that's an investment. If they charge clients for gains on the clients money they were never at risk, it is not their money hence it's complete BS to allow the fee to be treated as the managers' capital gain. But they have plenty of money to bribe both parties and the bribes come super cheap relative to the amount of tax relief they get.
WRT trading in NWBO, yes indeed it does look as though investors in for more than 1 year with over $1M in gains might be motivated to realize the LT cap gains in 2020 rather than in 2021 or beyond. That in turn could add some selling by larger holders into any large bump in the pps before Y/E, as they may believe they'll pay 37% in 2021 vs 20% LT cap gains tax if they sell this tax year on stock sales netting more than 1M USD. That's a difference of 17% after-tax gain.
However, the gains from any deal or buyout in 2021 will certainly exceed the possible 17% tax benefit of selling in 2020 vs holding into 2021. And after all, the Dems don't hold the senate unless they pick up the 2 GA runoff Senate seats to be voted on in Jan, so Biden cannot force his tax plan into law if the Republicans solidly oppose it. I mean it's only speculation at this point that the LT cap gains tax will change for anybody.