The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (Finra) are scrutinizing over 200 companies that have adopted crypto treasury strategies, following unusual stock price movements prior to public announcements. According to sources, these companies experienced significant trading volumes and stock price increases before disclosing plans to acquire crypto assets, potentially violating Regulation Fair Disclosure (Reg FD), which prohibits selective disclosure of material non-public information. Legal experts suggest that such regulatory inquiries often precede insider trading investigations.