According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) accused 38 entities of making significant false statements in the regulatory forms between 2025 and 2026, attempting to portray themselves as legitimate consulting firms targeting American investors. Some of these entities were based overseas, using foreign addresses to connect to the reporting system, and filled out the documents with false office addresses, invalid phone numbers, and unverifiable ownership and fund audit information. Additionally, some of their websites displayed fake registration certificates. The SEC has filed a lawsuit in the U.S. District Court for the District of Colorado, seeking a permanent ban on these entities' ability to submit exemption reports, civil fines, and has removed the relevant reporting documents of these 38 entities from their official websites.