09 May 2024

The SEC continues to go after crypto

This week, it was Robinhood's turn to receive notice of impending legal action. FTX will pay back creditors with interest, Visa claims that only 10% of stablecoin transactions are 'real', and can crypto affect the upcoming U.S. presidential election?
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SEC vs the crypto industry continues
Robinhood Crypto, the crypto part of the popular trading app Robinhood, received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) on May 4. The SEC sends a firm a Wells Notice if they plan to bring charges against the company, typically outlining the violations the SEC believes have occurred. In Robinhood's instance, the claimed violations likely revolve around the SEC claiming that Robinhood Crypto has operated as an unlicensed securities brokerage. Robinhood's Wells Notice follows at least two other crypto firms that have received Wells Notices lately: Uniswap Labs, the company behind the Uniswap DEX protocol, and Consensys, the company behind the popular Metamask wallet.
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