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Home Corporate SEC

SEC Should Continue Strong Crypto Enforcement, Whistleblower Advocates Argue

Geoff SchwellerbyGeoff Schweller
May 30, 2025
in SEC
Reading Time: 3 mins read
SEC
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On May 22, The Anti-Fraud Coalition (TAF Coalition) sent a letter to Securities and Exchange Commission’s (SEC) Crypto Task Force calling for the continuation of strong enforcement of crypto fraud.

The letter, which was drafted with the assistance of Andrew Feller of Kohn, Kohn & Colapinto and Daren Firestone of Levy Firestone Muse, recommends “(1) that some digital assets are securities, and (2) that the SEC direct sufficient resources into crypto enforcement to create consequences for liars, cheaters, and scammers.”

The SEC announced the Crypto Task Force in January and described it as “dedicated to developing a comprehensive and clear regulatory framework for crypto assets.” The move is part of a broader retreat from aggressive crypto enforcement at the Commission.

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In its letter, TAF Coalition details the critical role the SEC Whistleblower Program has played in rooting out crypto fraud and protecting harmed investors. 

“Whistleblowers play a key role identifying frauds involving all kinds of assets. They have brought crypto frauds to the attention of the SEC and helped the SEC to successfully hold the responsible fraudsters accountable. According to the SEC Whistleblower Office 2024 annual report, whistleblowers self-categorized 8% of all tips received by the office as “Initial Coin Offerings and Crypto Asset Securities.” Also in 2024, trial testimony from two whistleblowers helped the SEC secure the largest monetary penalty in a single case that year. Whistleblowers can and do help the SEC protect those harmed by crypto-related fraud.”

The letter notes that while the Commodity Futures Trading Commission (CFTC) and its whistleblower program have aggressively targeted crypto fraud, “the CFTC does not have the resources to investigate all the tips they would want to investigate.” It states that “Meritorious tips have been waiting months or years for enforcement resources to become available.”

“The SEC not only has the budget but also the expertise to fight crypto fraud,” the letter continues. “It should stay in the fight.”

The SEC Whistleblower Program was established in 2010 with the passage of the Dodd-Frank Act. Overall, the SEC has awarded more than $2.2 billion to more than 400 individual whistleblowers.

The 2024 Fiscal Year was a major year for the SEC Whistleblower Program, including a record number of whistleblower tips, over $255 million in awards, and strong enforcement of a whistleblower protection rule.

Despite the program’s success, advocates still see the need for reforms to the program. In March, Senators Chuck Grassley (R-IA) and Elizabeth Warren (D-MA) reintroduced the bipartisan 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:

STATEMENT: TAF Coalition Urges SEC to Sustain Strong Crypto Fraud Enforcement

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Geoff Schweller

Geoff Schweller

Geoff Schweller is the Assistant News Editor for Whistleblower Network News. He coordinates news coverage, and also writes about breaking whistleblower news, SEC whistleblowers, IRS whistleblowers, CFTC whistleblowers, and federal employee whistleblowers. Geoff graduated from Hamilton College with a degree in Sociology and minors in French & Francophone Studies and Cinema & New Media Studies.

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