SPACs, NFTs Have Reached âBaseball Card Company Has Heard Of Us And Wants Inâ Stage Of Oversaturation Needless to say, the SEC is concerned. Author: Needless to say, the SEC is concerned. From time to time in recent months, the Securities and Exchange Commission has felt compelled to weigh in on the special purpose acquisition company boom, generally in an unfavorable way, and often prompted by some or other head-scratching or slamming-into-a-brick-wall novelties appended to the general novelty of the blank-check company itself. And, well, the SEC has something else to say about SPACs. Speaking at a legal conference Wednesday, Securities and Exchange Commission official John Coates said there are “some significant and yet undiscovered issues” with SPACs…. Those issues are “not something that’s going to stop them by any means, but they are relatively as yet incompletely worked through mechanisms, despite the fact they have been around for a while,” said Mr. Coates, who is acting director of the SEC’s Corporation Finance division…. “Their current surge is bringing the level of attention by many more participants in the market than previously had been involved, and that is turning up some questions that have to be thought through more carefully,” said Mr. Coates, who spoke at a legal conference sponsored by the Practising Law Institute.