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. 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 “Crafting Effective Mobile Device Policies to Satisfy Regulatory Expectations” (May 8, 2024).