SEC targets Robinhood in crypto crackdown 🎯

Robinhood joins Uniswap and MetaMask parent company Consensys in revealing inquiries from the U.S. regulator.

Author

Andrew Hayward
May 06, 2024

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📝 What you need to know

Popular stock trading app Robinhood revealed Monday that it has joined the list of crypto firms that have received a Wells Notice from the United States Securities and Exchange Commission (SEC), informing the firm that its crypto business will be hit with an enforcement action in the near future.

Robinhood joins Uniswap Labs and MetaMask parent company Consensys, both of which revealed similar notices in recent weeks, and comes amid the agency’s broader crypto crackdown that has targeted the likes of Coinbase, Binance, and Ripple Labs, as well.

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💬 Quote of the Day

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“We look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.”

—Dan Gallagher, Robinhood Markets’ Chief Legal, Compliance, and Corporate Affairs Officer

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