SEC Charges 38 Entities Over False Investment Adviser Filings

The SEC has charged 38 entities for allegedly using false filings to make themselves appear legitimate as registered investment advisers.
The agency’s action, announced in Press Release 2026-148, targets entities accused of feigning regulatory status through misleading filings. The case is not limited to crypto, but it matters for digital asset markets because false legitimacy is a recurring problem across online investment schemes, token offerings, advisory services, and trading platforms