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The SEC has issued a Wells Notice to Robinhood, signaling potential regulatory action over its cryptocurrency practices. This notice, a formal warning that the SEC may take civil action, has been part of what some describe as a 'carpet bombing campaign' against the crypto industry. Robinhood has faced criticism for its handling of cryptocurrencies, including the forced sale of Solana at $8 and the delisting of other coins at market lows. The industry's reaction has been notably muted, suggesting that the market may have already adjusted to the SEC's aggressive stance under the current administration. Robinhood's CLO, Dan Gallagher, a former SEC commissioner appointed by Obama, is now at the center of these regulatory challenges.
SEC Wells Notice to Robinhood Crypto continues trend of probes in digital asset industry https://t.co/Ao4MiDFaUS
What is a Wells Notice? The origin of a Wells notice is quite interesting. It was named after the Wells Committee, which was formed in 1972 by then-SEC Chair William J. Casey. The committee, chaired by John Wells, was created to review and evaluate the enforcement practices and… https://t.co/goXmelTLO1
What is a Well Notice? The origin of a Wells notice is quite interesting. It was named after the Wells Committee, which was formed in 1972 by then-SEC Chair William J. Casey. The committee, chaired by John Wells, was created to review and evaluate the enforcement practices and… https://t.co/vzuZ4KaTcj
