The SEC's investigation into the crypto treasury was temporarily suspended due to the government shutdown; subpoenas may be issued upon its resumption.

With the US government shutdown entering its second month, the SEC's investigation into potential insider trading involving digital asset treasuries (DATs) used by publicly traded companies has been temporarily suspended. Several former SEC lawyers stated that the investigation will almost certainly resume once the government reopens, noting that if the preliminary investigation escalates into a formal investigation, regulators could issue subpoenas within one to two months. Legal experts believe that although the Trump administration is seen as more favorable to the crypto industry, if the SEC can clarify potential violations, it will contribute to establishing a healthy regulatory framework for the digital asset market.