Three years and well over $3 billion in fines into the SEC’s sweep of off-channel communications, the financial services industry is reeling at the intensity of the regulator’s scrutiny. The SEC’s unrelenting efforts are causing heightened concerns and paranoia about the next areas likely to be targeted. According to some experts, those fears are not necessarily unfounded. “The SEC will go as far into the financial services industry as their jurisdiction permits them,” suggested Seward & Kissel partner Michael Watling. Therefore, some investment advisers are exploring whether they need to focus on two areas recently highlighted by FINRA: emojis and video communications. This first article in a two-part series offers an overview of the SEC’s ongoing scrutiny of off-channel communications to date, and contemplates why emojis and video communications may be areas targeted by the Commission and other regulators in the future based on recent comments and legal developments. The second article will identify challenges that emojis and video communications present for advisers attempting to record, retain and monitor those forms of technology, and suggest how advisers can bolster their corresponding compliance efforts. See “Recent Developments in SEC, DOJ and Civil Litigation Efforts Targeting Off‑Channel Electronic Communications” (Jul. 13, 2023).