Recently, the US Securities and Exchange Commission (SEC) has intensified its regulatory actions in the cryptocurrency sector by issuing subpoenas to at least three crypto venture firms, investigating potential token marketing activities they may have been involved in. This move underscores the SEC's ongoing scrutiny and strict regulatory stance in the crypto asset market. A subpoena titled 'Regarding Certain Matters Involving Intermediaries of Certain Cryptographic Asset Issuances' reveals that SEC staff are conducting thorough investigations into these cases to determine whether there are violations of federal securities laws. Notably, the focus of the investigation is on the early stages of crypto capital, when most crypto startups secure funding. Against this backdrop of investigations, Paul, an executive from BlockTower Capital, mentioned in a podcast that one of the points of suspicion for the SEC is that crypto venture firms might have played a role in token marketing.