Stack of cryptocurrencies in a circle on the motherboard
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Amid the latest turmoil in the crypto sector, the U.S. Financial Industry Regulatory Authority Inc. (FINRA) is conducting a compliance sweep targeting brokerage firms’ communications to retail investors about crypto products and services.

In a letter to industry firms, FINRA is seeking information about all “retail communications” regarding crypto that firms distributed between July 1 and Sept. 30.

The request spans not only written communications to clients but also videos, website and social media posts, along with communications made through mobile apps.

The self-regulatory organization also asked firms for information on their supervisory policies and procedures for reviewing, approving and distributing these kinds of communications.

It’s also seeking documents such as training materials, manuals, compliance bulletins and other written guidance on firms’ communications.

The crypto space has been in turmoil in recent months, as the value of key cryptoassets has tumbled — Bitcoin is currently down about 65% on the year — and a number of high-profile firms have failed.

Most recently, Bahamas-based trading platform FTX collapsed after a run on customer deposits revealed that the firm was insolvent, sparking concerns about the resilience of the wider crypto sector.