Crypto Treasuries Under Fire: Wall Street’s New Compliance Battle

US regulators are tightening oversight on public companies holding crypto, with Nasdaq, the SEC, and FATF moving in parallel.

Short-term restrictions may slow corporate crypto purchases, but long-term effects could support BTC, ETH, and SOL by reducing circulating supply.

The recent Nasdaq approval of SOL Strategies (ticker STKE) will test investor appetite for crypto concept stocks under stricter rules.

After nearly three months of relentless growth, US-listed companies holding large amounts of crypto are running into fresh regulatory headwinds.

Nasdaq is tightening reviews of firms using crypto reserves as a way to boost their stock. On September 5, the SEC announced a new Cross-Border Task Force to spot and stop fraud targeting US investors. Meanwhile, the Financial Action Task Force (FATF) warned that criminals are turning more to crypto for cross-border transfers, urging countries to reveal the real owners behind shell companies.

Together, these moves show US regulators are sharpening their focus on public firms holding crypto and on high-risk businesses linked to money laundering.

NASDAQ TURNS UP THE HEAT, ETH TREASURY GIANTS PLAY IT COOL

According to The Information, Nasdaq is reviewing companies that raise cash to buy and hold crypto, a practice that can inflate stock prices. Some firms are now required to seek shareholder approval before issuing new shares for digital asset purchases.

Two of the biggest ETH treasury players, BitMine and SharpLink, gave different responses but sent the same message: their strategies remain safe.

BitMine Immersion Technologies pointed out that it’s listed on NYSE American, not Nasdaq. This allows it to issue stock under its existing shelf registration without a shareholder vote. Its current ATM program remains legal and unaffected by Nasdaq’s tighter rules.

SharpLink stressed that it already complies with Nasdaq’s standards. If it uses an ATM program to buy ETH, only board approval is needed. The company underlined that it raises capital only when it creates value for shareholders, promising strict transparency and compliance.

In short, BitMine sidesteps Nasdaq rules by listing on NYSE, while SharpLink leans on ATM financing as already market-cleared. The ones most exposed are new Digital Asset Treasury (DAT) firms hoping to list shares for crypto buys.

SEC LAUNCHES CROSS-BORDER TASK FORCE TO TARGET FRAUD

On September 5, the SEC rolled out a Cross-Border Task Force to strengthen enforcement against fraud that harms US investors.

The group will focus on overseas companies suspected of breaking US securities law, including pump-and-dump and ramp-and-dump schemes. It will also scrutinize “gatekeepers” like auditors and underwriters that help such firms enter US markets.

China and other jurisdictions are expected to come under closer watch, given unique risks tied to government control and weak investor protection.

SEC Chair Paul S. Atkins said global firms are welcome in US markets, but regulators won’t let companies or intermediaries dodge investor safeguards by hiding behind borders. Task Force Director Margaret A. Ryan added that the unit will pool resources to combat manipulation and fraud.

Though not directly aimed at crypto treasuries, the message is clear: keep capital flowing within US markets and limit the use of digital assets for unchecked outflows.

FATF DEMANDS TRANSPARENCY ON SHELL COMPANIES

The FATF chairman recently warned that criminals are using crypto more frequently for cross-border transfers. He urged countries to disclose the true owners of shell companies.

This aligns with SEC and Nasdaq actions. Regulators are signaling that reverse-listed or shell-based crypto treasury companies will face heavier scrutiny. It looks like early groundwork for tougher oversight on firms using digital assets as loopholes in financial markets.

WHAT TIGHTER RULES MEAN FOR CRYPTO MARKETS

In the near term, corporate crypto purchases could slow down. Regulators aim to protect market order and curb manipulation, making it harder for smaller firms to raise funds and pile into crypto. Giants like BitMine and SharpLink are less exposed, but newer entrants may see their paths blocked.

Longer term, however, stricter oversight may help the market. Weak shell firms looking to pump stock prices will be weeded out. Stronger, well-funded companies that meet compliance standards can continue building crypto positions steadily. That reduces circulating supply of BTC, ETH, SOL and others — potentially lifting valuations over time.

Just days later, on September 9, the trend was tested. SOL Strategies won approval to list on Nasdaq under the ticker STKE. At a time of tighter oversight, this listing could become a key test of how much appetite remains for “crypto concept stocks.”

〈Crypto Treasuries Under Fire: Wall Street’s New Compliance Battle〉這篇文章最早發佈於《CoinRank》。