According to sources in the Securities Exchange Commission investigation, the Securities Exchange Commission has issued subpoenas to at least three cryptocurrency venture capital firms this year. The first page of the subpoena reads: "Securities Exchange Commission staff is investigating the above matters to determine whether there has been a violation of federal securities laws." The SEC's investigation into crypto VCs indicates that the agency is now starting to focus on where crypto capital inflows start, and the investors from whom these startups originally received their funding. At least two other crypto VCs have received essentially identical requests for documents, according to a person familiar with the matter. According to the source, subpoenas sent to these crypto VCs demanded all contracts involving token transactions. Moreover, a lawyer for a crypto venture firm unaffected by the subpoena said: "This is an excessive investigation and extremely costly."