Former SEC Chairman Gensler's text messages from a year ago have all been lost due to IT errors, prompting Congress to question the integrity of regulation and force the SEC to accelerate reforms (previous context: the U.S. SEC confirms that "DePIN Token" is not within its jurisdiction: it does not fall under securities law) (background supplement: SEC fires! Suspends trading of cryptocurrency reserve companies QMMM and SDM stocks: involved in price manipulation and speculation) Former U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler's text message records from October 2022 to September 2023 have been deemed "permanently lost" by the SEC's Office of Inspector General (OIG). The timing coincides exactly with the SEC's actions.

The SEC has suspended trading of QMMM and SDM stocks due to allegations of social media manipulation, sounding the alarm for companies enthusiastic about "encryption treasury". (Background: Standard Chartered warns DAT digital treasury: the narrative is heading toward a death spiral, with multiple mNAVs falling below 1) (Additional context: The tide has turned! Bloomberg reports Wall Street "questions the DAT narrative": Strategy's stock price has plummeted, and the market has lost confidence in encryption coin hoarding) The U.S. Securities and Exchange Commission (SEC) dealt a heavy blow late at night on the 29th, announcing an immediate suspension of QMMM Holdings.

The SEC and FINRA of the United States are investigating more than 200 publicly listed companies that have launched "encryption finance" strategies, suspecting insider trading or violations of fair disclosure rules. QMMM and SDM have been suspended from trading due to unusual stock price fluctuations, and the SEC has alleged possible stock price manipulation.

XIAMEN, China, Sept. 23, 2025 /PRNewswire/ — On September 19, Smart Digital Group Limited (Nasdaq: SDM) (the “Company”) announced its plan to establish a diversified cryptocurrency asset pool, with a strategic focus on investing in cryptocurrencies such as Bitcoin and Ethereum. The initiative