2024

CRYPTO

Worldcoin

Robinhood Markets Inc. has received a Wells notice from the U.S. SEC, warning of a possible enforcement action over its crypto operations. 
According to a <a href="https://www.streetinsider.com/dr/news.php?id=23175893" data-type="link" data-id="https://www.streetinsider.com/dr/news.php?id=23175893" target="_blank" rel="">regulatory filing</a> submitted Monday, the SEC’s staff has made a preliminary determination recommending that the agency pursue an enforcement action against Robinhood Crypto over its cryptocurrency listings, custody practices, and platform operations. 
The potential consequences include an injunction, a cease-and-desist order, disgorgement, and other penalties or operational limitations, as stated in the filing. <a href="https://crypto.news/tag/robinhood/" data-type="link" data-id="https://crypto.news/tag/robinhood/" rel="">Robinhood</a> disclosed that it had previously received a subpoena and has since cooperated with the SEC’s investigation. 
A Wells notice allows companies to counter the SEC’s allegations before the agency proceeds with enforcement actions. However, the notice does not guarantee that formal action will be taken. 
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Robinhood Crypto has recently been subject to increased regulatory scrutiny as U.S. authorities intensify the focus on the rapidly evolving <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/" rel="">cryptocurrency</a> industry. 
Laura Brookover, a former CFTC enforcement official and current Consensys lawyer, <a href="https://twitter.com/laurabrooksie1/status/1787469589913149649?s=46&amp;t=TMI07H21nqgKjjcESnhqEQ" data-type="link" data-id="https://twitter.com/laurabrooksie1/status/1787469589913149649?s=46&amp;t=TMI07H21nqgKjjcESnhqEQ" target="_blank" rel="">criticized</a> the SEC’s approach and questioned its focus. 
“Aren’t there like… actual securities violations the SEC should be focusing on?” she asked in a post on X. 
As of 9 a.m. EST, shortly after markets opened, Robinhood’s stock fell 5% following the announcement of the agency’s subpoena. 
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 ROBINHOOD TANKS 5% AFTER SEC ISSUED WELLS NOTICE RELATED TO U.S. CRYPTO BUSINESS<a href="https://twitter.com/search?q=%24HOOD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$HOOD</a> <a href="https://t.co/MglAwy9Pzx" target="_blank" rel="">pic.twitter.com/MglAwy9Pzx</a>— Radar🚨 (@RadarHits) <a href="https://twitter.com/RadarHits/status/1787461595389460609?ref_src=twsrc%5Etfw" target="_blank" rel="">May 6, 2024</a>
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 Read more: <a href="https://crypto.news/new-stablecoins-law-proposed-in-us-but-what-are-the-pros-and-cons/" rel=""> New stablecoins law proposed in US — but what are the pros and cons? </a>

SEC issues Wells notice to Robinhood Crypto

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