SEC Faces Backlash from Digital Chamber Over Wells Notice to Robinhood’s Crypto Trading (RH Crypto)
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- The Digital Chamber, a crypto trade association, has criticized the US Securities and Exchange Commission (SEC) for issuing a Wells Notice to Robinhood Crypto.
- The Chamber has called this an alarming development and an example of the regulator’s unchecked regulatory overreach.
- Robinhood has expressed profound disappointment over receiving a Wells Notice, despite its strong compliance.
The Digital Chamber criticizes SEC for issuing a Wells Notice to Robinhood Crypto, calling it an example of unchecked regulatory overreach. This comes after Robinhood’s response expressing disappointment over the notice.
Digital Chamber’s Criticism of SEC’s Actions
The Digital Chamber has slammed the SEC for issuing a Wells Notice to Robinhood Crypto, terming it as an “alarming development.” The Chamber sees this as another instance of the regulator’s “unchecked regulatory overreach,” similar to previous ones. The SEC has previously issued Wells Notices to major industry players like Uniswap and Consensys. A Wells Notice informs the recipient that the regulator has concluded an investigation against them and plans to file an enforcement action.