Golden Finance reported that according to people familiar with the matter, the U.S. Securities and Exchange Commission has subpoenaed at least three crypto venture capital firms this year, indicating that its supervision of the crypto field is increasing. One of these subpoenas is titled "Regarding Certain Crypto Asset Issuance Intermediary Matters", and SEC staff are investigating these matters to determine whether there are any violations of federal securities laws. Sources said that the SEC's investigation into crypto venture capital firms showed that the agency is focusing on the initial stage of crypto capital, that is, the investors from whom the vast majority of crypto startups obtain initial funds. In July of this year, BlockTower Capital executive Paul said in a podcast that the SEC's investigation was because it suspected that crypto VCs might have acted as marketers of tokens.