The SEC and FINRA launch a large-scale investigation: 212 companies' Bitcoin treasury strategies suspected of insider trading. In early 2025, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) jointly launched an investigation into over 200 publicly traded companies that announced plans to incorporate Bitcoin and other digital assets into their treasury stock strategies, focusing on the abnormal fluctuations in stock prices prior to major policy announcements. According to statistics from crypto consulting firm Architect Partners, these companies plan to raise approximately $102 billion for crypto asset allocation, but regulators found that most companies experienced a surge in trading volume before information disclosure. This action marks the first large-scale regulatory move following the Trump administration's commitment to providing "clear rules" for the crypto market, indicating that traditional securities regulatory frameworks are systematically covering the digital asset field. ####Regulatory crackdown: Fair disclosure and insider trading become the core of the investigation. The SEC's investigation is based on the Fair Disclosure Rule (Reg FD), which requires companies to...