SEC Tightens Scrutiny of SPVs Investing in Private Firms, Demands Asset Proof

This signals a regulatory shift toward verifying the actual holdings behind SPVs, which are often used to pool capital into private firms. The demand for asset proof could increase operational burdens and legal costs for fund managers and intermediaries structuring such vehicles. For the RWA market, this underscores a broader trend of regulators prioritizing asset-backed legitimacy over mere tokenization. The key question is whether this scrutiny will extend to on-chain representations of private assets, potentially setting a precedent for how digital claims to real-world value are audited.