ChainCatcher news, according to DL News*,* sources familiar with the investigation by the U.S. Securities and Exchange Commission revealed that the SEC has issued subpoenas to at least three cryptocurrency venture capital firms this year. DL News reviewed the first page of the subpoena. The page states: "SEC staff is investigating the above matters to determine whether there have been violations of federal securities laws."Insiders indicated that at least two other crypto VC firms received essentially the same document requests. According to the source, the subpoenas sent to these crypto VCs request all contracts related to token transactions.Reportedly, sources familiar with the investigation stated that the SEC is interested in whether these accredited investors are issuing unregistered securities to the broader retail market on behalf of token issuers. The individual added, "This would poison the initial offering," referring to what happens when investors are alleged to sell tokens on the public market.Additionally, a lawyer from a crypto VC firm not affected by the subpoenas stated, "This is an excessive investigation and extremely costly."