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Digital Chamber Challenges SEC’s Action against Robinhood Crypto
The Digital Chamber, the leading trade association representing the crypto industry in the United States, has expressed discontent with the Securities and Exchange Commission (SEC) for sending a Wells Notice to Robinhood Crypto, the company’s digital asset arm.
In an official statement, the organization voiced its disappointment and concern over this recent development. They labeled it “another example of the SEC’s regulatory overreach”, citing similar notices sent to other big industry names like Uniswap and Consensys.
A Path that Undermines Innovation
On May 4, the SEC sent a Wells Notice to Robinhood Crypto, warning the company of possible legal action regarding its digital asset operations.
According to the financial regulator, Robinhood violated federal securities laws outlined in Sections 15(a) and 17A of the Securities Exchange Act of 1934, which mandate entities dealing with secu
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