According to @MilkRoadDaily, the U.S. SEC has reached out to more than 200 digital asset trading platforms with insider trading concerns, signaling heightened regulatory scrutiny for the sector (source: @MilkRoadDaily, X post dated Sep 28, 2025). According to @MilkRoadDaily, a deeper investigation is now expected, which the source characterizes as bad news for crypto treasuries due to rising compliance and headline risk (source: @MilkRoadDaily, X post dated Sep 28, 2025).