According to DL News, the US SEC has issued subpoenas to at least three cryptocurrency venture capital companies this year. One of the subpoenas is titled "Questions Regarding Certain Crypto Asset Issuance Intermediaries". The page reads: "The US SEC staff is investigating the above matters to determine whether there are any violations of federal securities laws." The subpoena requires the provision of contracts for any token transactions that investors have ever conducted. Lawyers say this is an excessive fishing enforcement and a natural extension area that the SEC may consider for enforcement.