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International Business Times
International Business Times
Business
Marvie Basilan

'Scare Tactic': Lawmaker, Lawyer, Crypto Users Cry Foul Over SEC Robinhood Wells Notice

SEC Wells Robinhood Crypto Gary Gensler John Rose Uniswap Bitcoin Jake Chervinsky Robinhood Crypto
Robinhood Crypto may face enforcement action from the SEC as the regulator continues its crackdown on the crypto industry (Credit: Robinhood Official Website/Screenshot)

KEY POINTS

  • Robinhood said it "cooperated" with the SEC's probe into its crypto listings, but still got a Wells Notice
  • One user suggested the timing of the Wells Notice's issuance may be related to a rise in BTC prices
  • Rep. John Rose said the SEC "exceeded its mandate" in issuing the notice

Robinhood recently revealed that its digital assets unit received a Wells notice from staff of the U.S. Securities and Exchange Commission (SEC), and the announcement isn't sitting well with cryptocurrency users and some lawmakers.

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