The US Securities and Exchange Commission is investigating whether the marketing of the TerraUSD stablecoin before it crashed last month violated federal investor-protection regulations, according to a person familiar with the matter.

Crypto proponents have argued for years that regulators shouldn’t apply decades-old rules to the burgeoning asset class. But in a move with sweeping implications for the industry, at least one prominent company is now planning to register its offerings with the Securities and Exchange Commission.

The U.S. Securities and Exchange Commission paid $28 million to a whistle-blower who provided information that led to a successful enforcement action, adding to the eye-popping awards that tipsters have received from the agency this year.