According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) has intensified its scrutiny of companies behind so-called special purpose vehicles (SPVs). SEC reviewers have been requesting registered investment advisors to provide evidence that they indeed own or hold the shares in private companies they claim to possess. Some insiders indicate that such funds have stepped up their marketing efforts ahead of highly anticipated initial public offerings (IPOs) and listing plans, and at the same time, there has been an increase in investor complaints. As a result, regulatory authorities have decided to strengthen their reviews. Current reviews typically include requests for documents, and some also involve on-site interviews, with the review process potentially lasting from several weeks to a year.