Robinhood Responds to SEC’s Wells Notice
Retail trading platform Robinhood Markets revealed Monday that it has received a Wells notice from the U.S. Securities and Exchange Commission (SEC) regarding its crypto business. This indicates that the securities regulator is planning to bring enforcement action against the company.
The CEO of Robinhood, Vlad Tenev, took to social media platform X to share his thoughts and plan following the notice. “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 attempt by the administrative state to stifle innovation,” the executive stated, adding:
