This Note argues that a plain reading of the statute—as championed by the Fifth Circuit—is correct in that an individual qualifies as a whistleblower only when she reports a violation to the SEC. Part I provides a history and background of modern antiretaliation whistleblower legislation. Part I also discusses the circumstances surrounding the passage of Dodd-Frank, the text of the whistleblower provisions, and the relevant SEC regulations. Part II outlines the recent case law on the issue of who qualifies as a Dodd-Frank whistleblower. Part III argues that only individuals who report to the SEC qualify as Dodd-Frank whistleblowers and addresses criticism of that reasoning.