As the US government shutdown enters its second month, the US Securities and Exchange Commission (SEC) has been forced to pause its investigation into certain publicly listed companies adopting Digital Asset Treasury (DAT) strategies. The investigation originally focused on whether companies engaged in potential insider trading or information asymmetry when using digital assets for financial management. However, due to the government's operational standstill, the SEC's enforcement activities, administrative procedures, and evidence collection have been directly impacted, leading to the temporary suspension of this highly scrutinized investigation.
Several former SEC lawyers stated in media interviews that this pause does not signify the end of the investigation. Once the government resumes operations, the SEC's investigation division is almost certain to quickly restart related work. They noted that the SEC has already gathered some preliminary evidence and transaction data. If the initial investigation is formally upgraded to an enforcement action, regulators may issue subpoenas to relevant companies or executives within one to two months, demanding transaction records, communication documents, and financial reports to further clarify whether these companies used digital assets for illicit benefits or market manipulation.
Notably, the core focus of this investigation is the compliance of "Digital Asset Treasury strategies." In recent years, an increasing number of publicly listed companies have begun incorporating cryptocurrencies such as Bitcoin and Ethereum into their asset allocations to hedge against inflation or enhance liquidity. However, this innovative approach has also brought new regulatory challenges—could corporate executives potentially trade based on undisclosed investment plans, thereby influencing market prices and profiting? This is precisely the issue the SEC aims to clarify.
Although the current White House administration generally holds a more open and friendly stance toward the cryptocurrency industry, and it is widely believed that the Trump administration may promote more inclusive crypto regulatory policies, legal experts within the industry point out that this does not mean regulation will be relaxed. On the contrary, if the SEC can establish clear enforcement standards through this investigation, it will help foster a more transparent and robust digital asset market environment in the US.
In the long run, the direction of this investigation could become a watershed moment in the history of US digital asset regulation. On one hand, it reflects the institutional磨合 triggered by the gradual integration of crypto assets into the traditional financial system; on the other hand, it also reveals the complex process of regulators seeking balance between the old and new financial orders. Regardless of the final outcome, this incident once again reminds the market that in the era of crypto and traditional finance integration, compliance and transparency remain the core底线 for corporate survival and development.
