Overview

• U.S. market regulators have contacted select companies about unusual trading that occurred before announcements to raise funds to buy cryptocurrency.
• SEC officials warned firms about possible violations of Regulation Fair Disclosure involving selective sharing of material nonpublic information.
• FINRA has reached out to some companies in a step that can precede insider‑trading inquiries or formal probes.
• More than 200 public companies disclosed crypto‑treasury strategies in 2025, forming the cohort under scrutiny.
• The Wall Street Journal reported the outreach, while the SEC declined comment, FINRA did not respond, and Reuters said it could not independently verify the report.