SEC Scrutiny Targets Private Share Ownership

The SEC is scrutinising investment advisers that market private-company exposure through special purpose vehicles (SPVs). Firms may need to prove that SPVs own the advertised shares or hold valid economic rights. The review includes products linked to high-demand AI companies such as OpenAI and Anthropic, but is not aimed at a specific firm. The scrutiny follows a sharp rise in private AI valuations and investment. As of 27 August, Anthropic’s estimated private valuation was $1.38 trillion and OpenAI’s was $900.29 billion. Stanford’s AI Index 2026 reported that global private AI investment rose 127.5% in 2025 to $344.7 billion, including $170.9 billion in generative AI. OpenAI and Anthropic have warned that unauthorised share transfers, SPV interests, tokenised assets and forward contracts may not be recognised and could have no economic value. Anthropic says stock transfers require board approval and that it does not authorise SPVs to acquire its shares. The SEC has also pursued Adit Ventures Management over alleged misrepresentations involving pre-IPO holdings, excessive fees and the improper pledging of client assets. Proposed settlements include repayments, civil penalties and a three-year industry ban for chief executive Eric Munson, subject to court approval. For crypto traders, the SEC’s private share ownership review increases regulatory and liquidity risks for tokenised pre-IPO products. Blockchain issuance does not remove private securities from federal securities laws. Traders should verify custody, transfer rights, issuer approval, valuations and redemption terms before treating tokenised exposure as equivalent to actual equity. The direct price impact on major cryptocurrencies is likely limited, but related digital assets could face volatility if enforcement expands.