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U.S. SEC cracks down on AI pre-IPO stock investment frenzy, demands proof of actual stakes

The U.S. Securities and Exchange Commission is moving to verify the substance of pre-IPO stock investment products sold by investment firms, as demand rises for exposure to popular AI startups such as OpenAI and Anthropic. The SEC has told registered investment advisers to prove their special purpose vehicles actually hold the promoted stakes or exposure. The agency has previously pursued similar cases and has warned that tokenisation does not itself guarantee ownership.