According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) has filed charges against 38 entities for using false documents to present themselves as registered investment advisors. The agency announced this action in press release No. 2026-148, targeting entities that were accused of disguising their regulatory status through misleading documents. Although this case is not limited to the crypto sector, it is of significant importance to the digital asset market, as false legitimacy is a recurring issue in online investment programs, token offerings, advisory services, and trading platforms. The SEC's actions highlight the importance of law enforcement against false advisor documents, especially in the crypto market, where a false regulatory status may attract investors. Investors typically look for regulatory signals before trusting financial platforms, and having the status of a registered investment advisor can make a company appear more credible.