Advocates Detail Need for SEC Whistleblower Reform

While the whistleblower program administered by U.S. Securities and Exchange Commission (SEC) is often heralded as the gold standard of whistleblower programs, advocates and members of Congress believe there is still need for reform.

In a new article for the NYU Law Compliance & Enforcement blog, leading whistleblower attorney Stephen M. Kohn of Kohn, Kohn & Colapinto outlines the needed reforms found in the bipartisan SEC Whistleblower Reform Act.

“On March 26, Senators Chuck Grassley (R-IA) and Elizabeth Warren (D-MA) introduced the SEC Whistleblower Reform Act of 2025 which offers three common sense reforms to issues plaguing the problem, including lengthy delays in whistleblower award processing and the lack of anti-retaliation protections for internal whistleblowers,” Kohn writes. “This bipartisan legislation recognizes the importance of the SEC Whistleblower Program and seeks to strengthen the program for the years ahead.”

Kohn details the three reforms found in the bill which protect internal whistleblowers, address delays in award payments, and prohibit restrictive NDAs and mandatory arbitration.

“The bipartisan support for the SEC Whistleblower Reform Act mirrors the bipartisan support for the SEC Whistleblower Program,” Kohn writes. “The three reforms found in the bill, while minor and technical, make much-needed improvements to the program, further strengthening so it can continue to play a central role in the Commission’s work of protecting investors, ensuring the integrity of the market, and holding fraudsters accountable.”

Whistleblower attorney and former SEC official Andrew Feller recently appeared on the Whistleblower of the Week podcast where he discusses the importance of the SEC Whistleblower Reform Act.

The National Whistleblower Center is calling for the passage of the SEC Whistleblower Reform Act and has created an Action Alert allowing individuals to write to members of Congress calling for the bill’s passage.

Join NWC in Taking Action:

Stop Repeal by Delay

Further Reading:

Bipartisan Bill Offers Needed Reforms to SEC Whistleblower Program