This all has to do with SEC not keeping proper records and being liable, nothing more, nothing less. There are way to many lawyers involved for any sauce is my guess. They do seem to be targeting this whole thing around all the big banks though and their compliance
The problem of keeping tabs on staff communications has dogged Wall Street compliance departments for years. Because companies do not surveil personal messaging channels, using them to discuss business puts SEC-regulated employers in breach of requirements to record all business communications
Here is the link to the article
https://www.reuters.com/technology/sec-collects-wall-streets-private-messages-whatsapp-probe-escalates-sources-2023-09-25/
This all has to do with SEC not keeping proper records and being liable, nothing more, nothing less. There are way to many lawyers involved for any sauce is my guess. They do seem to be targeting this whole thing around all the big banks though and their compliance