The Securities and Exchange Commission (SEC) has intensified its regulatory efforts by investigating cryptocurrency venture capital firms for potentially operating as unregistered securities dealers. This move is part of a broader SEC crackdown under Gary Gensler's leadership, targeting major crypto exchanges and now expanding to include venture capitalists and DeFi applications. The firms are scrutinized for their promotional activities and discounted token deals, which may conflict with securities laws, marking a significant shift in the enforcement landscape for the crypto industry.