Subpoenas from SEC signal crackdown on initial coin offerings

The Securities and Exchange Commission has sent subpoenas to dozens of people and companies behind the rise of initial coin offerings, a clear sign of the agency’s desire to rein in the popular new fundraising method.

Over the past few months, the commission has asked for information from companies that have sold new virtual currencies to raise money for their projects, as well as advisory firms and lawyers who have helped with these sales, according to four people who have seen some of the subpoenas. The people asked not to be identified because the subpoenas are part of confidential legal negotiations.