WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet entitled “The SEC Whistleblower Program in FY25: Deny, Deny, Deny”: 

“The whistleblower program at the Securities and Exchange Commission (SEC) is a resounding success story. It is responsible for returning billions of dollars to harmed investors. Unfortunately, the program now appears to be in danger. 

“The SEC recently released its annual whistleblower report for fiscal year 2025, and the report reveals that the SEC whistleblower program had its worst year in the last five fiscal years. By any measure, the last year saw a dramatic reduction in whistleblower awards. 

• The whistleblower program awarded the least amount of money to whistleblowers in the last five years and awarded less than $100 million for the first time in that span. 

• The whistleblower program issued awards in the smallest size in the last five years.  

• The whistleblower program denied whistleblowers awards at the highest rate in the last five years and at one point issued a record 46 consecutive denials. 

“The SEC has already demonstrated its intention to demolish investor protection. It now seems intent on demolishing the SEC’s whistleblower program too. With the SEC now seemingly determined to deny as many whistleblower awards as possible, it is apparent the program’s ability to incentivize whistleblowers to come forward is in grave danger.” 

Read the Fact Sheet here. 

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.