Over 200 companies that announced the adoption of crypto treasury strategies have come under scrutiny from the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (Finra) due to unusual stock price fluctuations prior to the announcement. Sources familiar with the matter revealed that regulators have sent letters to some companies, noting that significant increases in trading volume and stock prices prior to the announcement of plans to purchase crypto assets may indicate violations of Regulation Fair Disclosure (Reg FD), which prohibits companies from selectively disclosing material, non-public information to individual investors. Lawyers say such letters often signal the possibility of further insider trading investigations. (Wall Street Journal)