The U.S. Securities and Exchange Commission (SEC), under Chair Gary Gensler, is intensifying its legal actions against the cryptocurrency industry, issuing multiple Wells Notices to major crypto firms such as Robinhood, Kraken, Coinbase, Uniswap, and Metamask. This aggressive regulatory approach has sparked significant controversy, with critics accusing the SEC of overreach and damaging the legitimacy of the agency. The legal community and industry insiders argue that the SEC's actions could undermine investor confidence and stifle innovation within the sector. Furthermore, the SEC's recent decisions, including forcing Robinhood to sell customer holdings of SOL at less than $20, have been met with backlash, suggesting a potential overstepping of regulatory boundaries. Notably, the Robinhood Wells Notice does not include Ethereum, despite the SEC's recent legal victories in court.
BREAKING: @RobinhoodApp CEO @vladtenev SAYS "IF NECESSARY WE WILL USE OUR RESOURCES TO CONTEST THIS MATTER [SEC CLASH] IN THE COURTS, WITH THE INTENT OF BOTH DEFENDING OUR CRYPTO BUSINESS AND ESTABLISHING REGULATORY CLARITY IN THE UNITED STATES FOR THE BENEFIT OF OUR CUSTOMERS" https://t.co/YS4ewkwygW
BREAKING: @RobinhoodApp CEO @vladtenev SAYS "THE SEC'S CONTINUED ATTACK ON CRYPTO, COUPLED WITH RECENT RULE PROPOSALS LIKE THE ONE RELATED TO PREDICTIVE DATA ANALYTICS, MARK YET ANOTHER IMPROPER ATTEMPT BY THE ADMINISTRATIVE STATE TO STIFLE INNOVATION" https://t.co/xYqfmOdc40
Over the last three years, we’ve reached a state of regulatory onslaught that is harmful to American companies and consumers. The SEC’s continued attack on crypto, coupled with recent rule proposals like the one related to predictive data analytics, mark yet another improper…
The SEC won't stop harassing crypto companies, @danielgkuhn writes. Opinion for The Node newsletter. https://t.co/yr8y6aA36F
CFTC ISSUES WARNING ON CRYPTO ENFORCEMENT ACTIONS - @CFTC Chairman Rostin Behnam warns of an impending surge in enforcement actions within the crypto industry due to its rapid growth and the absence of clear US regulations. - Behnam emphasizes the combination of a bullish… https://t.co/cnTeALfhPV https://t.co/90C4Xb8qpK
CFTC’s Behnam: Watch out for more enforcement actions in the next 6-24 months https://t.co/QJKRLrZrDS
Former @CFTC Chairman @giancarloMKTS says the work that @NYDFS and @CFTCbehnam have done in the #crypto space is a demonstration that “regulators here in the United States can engage with digital assets and engage in a way that is smart and successful, that protects consumers.… https://t.co/rCxubMQriv
JUST IN: CRYPTO WILL SEE ANOTHER CYCLE OF ENFORCEMENT ACTIONS IN THE NEXT 6-24 MONTHS SAYS CFTC CHAIRMAN
On digital assets, @CFTCbehnam says: “There's a sustainability to this asset class. There's obviously been a growth over the past six months… despite what happened in 2022.” https://t.co/5hAqIdAyxB
🚨NEW: CFTC Chairman @CFTCbehnam says in the next 6-24 months we’ll see another cycle of enforcement actions in the #crypto space while there’s no regulatory framework and assets appreciate and retail investors and entrepreneurs have renewed interest. https://t.co/LLZ6ypygHJ
Is congress really going to let unelected regulators like Gary Gensler unilaterally decide America is closed for business? Uniswap, Coinbase, Kraken, Consensys, Robinhood. All less than 12 yrs old. Suing our best American companies just because he hates crypto. Fire Gensler.
The #crypto industry and predatory firms like @RobinhoodApp need to comply with the law, just like businesses on Main Street. The @SECGov is continuing to stand up to this lawless industry. https://t.co/18MI9J9pb0
SEC'S "CARPET BOMBING" CAMPAIGN TARGETS CRYPTO AND THE INDUSTRY REACTS - Crypto lawyers have expressed dismay over the SEC's extensive issuance of Wells Notices to prominent crypto firms, deeming it an "astonishing" focus on the crypto sector. - Concerns have emerged regarding… https://t.co/wOoUNKQNSl https://t.co/S27AoeOE5p
JUST IN: CRYPTO LAWYERS SAY SEC IS ON A "CARPET BOMBING CAMPAIGN" AGAINST CRYPTO
Crypto lawyers say SEC is 'abusing' the Wells process as part of 'carpet bombing campaign' against crypto https://t.co/jLzlQOmUgJ
The SEC trying to stop crypto: https://t.co/YX9d8g2Elb
A brazen abuse of power from a market regulator that has decided #crypto enforcement headlines and pats on the back from aligned politicians trump agency mandates to protect investors and maintain fair, orderly markets. Time for that oversight hearing.... @FinancialCmte https://t.co/WxvyTYg8Uu
.@declanharty @politico astutely notes the @SECGov's winning streak against #crypto in the courts. The industry and much of the media are overlooking these key victories that debunk many of the industry's most outrageous arguments and claims. https://t.co/2F24rvBvY4
[Robinhood gets Wells Notice] Uniswap, Coinbase, Kraken, Consensys, Bittrex: ooooo you broke your cherry! https://t.co/9ijic4M43I
Ask yourself why is the SEC suing everyone alive for the exact same unproven legal theory? They haven't won a single case. Why not wait to win a case instead of launching 5 at once? Winning a case isn't the point. Gary wins by creating a chilling effect in US crypto. https://t.co/qgR6YPAtGS
SEC continues its carpet bombing campaign against crypto, issuing another Wells to Robinhood You have to wonder whether at this point Gensler has bit off more than he can chew Robinhood’s CLO, Dan Gallagher, is a former SEC commissioner appointed by Obama
1/10 When the SEC was embarrassed by the courts and forced to approve the Bitcoin ETFs,, I figured even a self-interested slimeball like Gensler would worry about his reputation a bit. Instead Gensler is doubling down on his political attacks against crypto on @RobinhoodApp
Didn't Robinhood dump all their client holdings that were deemed securities at the PICO BOTTOM to cover their asses? And still got a Wells Notice? Tf is this bullshit, even Mafia shakedowns aren't this obvious https://t.co/vgl5El8Kql
The Robinhood wells notice doesn't include Eth (according to the Mario Nawfal post quoted below) What does that mean? (Also remember Robinhood is literal trash - they force sold their customers Sol at $8 and removed the buy button on GME when it was pumping under pressure from…
The SEC is now suing Kraken, Coinbase, Uniswap, Metamask and now Robinhood for the crime of helping regular Americans access crypto. This level of regulatory overreach has destroyed the legitimacy of the SEC and may lose the democrats the election. Voters don't want this.
> robinhood: delists risky coins at the bottom of the bear market > also robinhood: still gets dinged https://t.co/MIzGCPNZZO
SEC: protecting Robinhood investors since July 2023, when their comments led Robinhood to force sell customers' $SOL at less than $20 https://t.co/iotA1Br2EQ
America's Federal Regulators Are Preparing More Lawsuits Against Crypto Companies https://t.co/H35AvtDyw1
The @SECGov and @CFTC are sparring over whether a blockchain token is a security or a commodity. Well in 2018 former Director of the @SECGov William Hinman already laid the path to accessment. But current Chair Gary Gensler, has seemed to overlook this fact and has taken the law… https://t.co/aNdoPKUnQp
‘The law is catching up’: Gensler’s SEC racks up legal wins against crypto https://t.co/rzZBN4wg2h