SEC and FINRA have scrutinized unusual trading before crypto-treasury announcements, according to the Wall Street Journal. The regulators have reached out to crypto treasury companies regarding potential Regulation Fair Disclosure violations.

The scrutiny focuses on suspicious trading patterns that preceded official market disclosures. FINRA, a self-regulatory body overseeing brokers, has contacted some companies as part of its review, a step that can precede insider trading inquiries.

The regulator’s outreach reflects growing concern over how material information is shared before market disclosures.