SEC continue its war against crypto. This time Gary Gensler is going after Robinhood, more specifically Robinhood Crypto. SEC has sent a Wells Notice to Robinhood and expecting explanations or actions regarding Robinhood listing crypto assets on its platform but not registering with SEC. SEC doesn't have any issues with Robinhood's stocks trading side of business. They have made it clear that the problem is with Robinhood's crypto activities. As many of SEC actions in recent years I find this one very strange as well. Not only Robinhood is a regulated company, but it has become a publicly traded company not too long ago. I would think SEC would have done its work in timely manner and if they found any issues they would have been raised when Robinhood started adding crypto or when they declared intentions of going public.
I don't admire Robinhood at all. Both players in this story, SEC and Robinhood are not know to for their honesty and good will. I could only hope Robinhood would embrace its original vision and would embrace honesty and transparency as norm of conducting business. In this case, I kinda have to side with Robinhood. Just because they may not be at fault, and also having multiple gateways to crypto is beneficial for people. SEC has been going after exchanges in recent years. There aren't many crypto exchanges left that US citizens or residents can trade on. Even with the existing options, there are many crypto assets available for trading or investment. SEC has made it very difficult to buy or sell crypto in the US. I believe this is just a temporary obstacle and things will get better in the future. But in the meantime, this doesn't help anybody.
Wells Notices are usually issued towards the end of an investigation and when SEC is ready to take some actions. They sort of give an opportunity for a company, in this case Robinhood to respond or take actions. It is seems SEC wants Robinhood to stop its crypto part of the business. The excuses used by SEC are all same as before -"you are listing securities, cryptos are securities, you have registered them as such, hence you are wrong". The worst part is, even if Robinhood conceded that they are securities and asked for instructions how to proceed, SEC wouldn't be able to provide any. In their opinion, these are unregistered securities and shouldn't be traded, period.
Robinhood's chief legal, compliance and corporate affairs officer Dan Gallagher have expressed his opinion on the matter, and it is clear Robinhood had engaged with SEC and sought guidance on how to do crypto right. Of course, SEC doesn't respond or provide any clear guidance and instead conduct an investigation years after. SEC has been acting in such a bad faith during all this crypto war they started. They say they are for protecting consumers, eliminating scam and fraud, and creating fair markets for all. None of these really been happening. They haven't been protecting consumers. If they really wanted to, there are actual scams going on right now. They will do nothing about it. For example, remember how there are deep fake scam ads have been going on Youtube for months now? Those are still happening. Youtube and Google don't care. They earn on selling these ads. Does SEC care? Doesn't look like it. SEC is not eliminating scams and frauds. By getting rid of legit service providers and platforms, SEC is actually encouraging for scam and fraud ones to replace them. SEC is not creating fair markets. Quite the opposite. Everything seems to be anti-fair, anti-free markets. So disappointing.
This news creates another uncertainty in the market. For those who have assets in Robinhood, this uncertainty will continue for months to come if not years. We don't know what the outcome of these actions will be. Will Robinhood stop crypto trading, to protect their stocks trading business? Will Robinhood fight this in the courts? How long this will go on? Is it safe to keep assets in Robinhood now. If we listen to what Robinhood says:
Robinhood Crypto is here to stay and we’ll keep innovating, shipping products, and fighting for regulatory clarity for the good of the industry and our customers.
But we can't trust Robinhood either. There were times when Robinhood betrayed its customers. If there is money to be made, top business relationships to be established, Robinhood will abandon their duty, promises, and obligations to their customers. However, since crypto is here to stay and Robinhood profits from this market, my guess is they will fight to remain in crypto. Strange thing about SEC going after Robinhood is that Robinhood doesn't even list massive amount of coins. They amount of coins traded on Robinhood is very limited. It is not like they are a new Binance or Bittrex.
This crypto was has gone for a while now. Congress is incompetent and unable to do anything either. All of this confusion could easily be removed by actually putting in work and effort by those who were elected to create laws that are beneficial for people. We don't understand this new technology or this new money can't be an excuse any more. But there is no hope there either. Decentralized solutions seem to be the only that we can rely on at this time.
I know I'm giving too many comments, wouldn't want to disturb but I'm truly grateful for all the support you give to me and all of Hive @geekgirl you're the absolute best
You have suggested a right solution by saying that decentralized solution seams to be the way forward. SEC should allow crypto companies and look into how they could stop the real scam going on in YouTube and google
Whether they like it or not, it is obvious that Robinhood crypto is here to stay so they just have to accept that fact and also live with it
Whenever the market thinks to go higher like this, there is a bad news inside the market but there is no problem, we will see if it stays above 60000 then there is no problem. No. After some things it will go up. It happened some time ago, so it was trading like this for months.
But why is SEC so much after crypto like this? They have put up much fight in recent times. No matter what, they won't be able to pocket crypto.
I think it's all bullshit because the guidelines on crypto are vague. They don't plan on giving out specific details so they can target whatever they want. I guess they want to hit Robinhood and make an example out of them.
Darn, i actually like robinhood. I think app is clean, easy to use, many options. I know some people dont like tho for various reasons. SEC is on some B.S. Keep rockin GeekGirl!
Doesn't matter how many times they lose they just continue to be aggressive towards crypto and trying to make up new laws. Gary is legit the worst person ever.
Gary and SEC both are playing dirty game with cryptocurrency exchanges and unfortunate that they're are fair. They're just targeting Robinhood now .
Crypto is still the apple of many people's eyes
@tipu curate
Upvoted 👌 (Mana: 43/53) Liquid rewards.
#hive
Wait did you say Robinhood crypto... Till this day didn't know that Kind exists... me going to check for Robinhood crypto...
It's disheartening to see the SEC's actions potentially excalating issues in the crypto market rather than resolving them.
The uncertainty surrounding Robinhood's crypto trading adds another layer of concern for investors. While Robinhood asserts its commitment to the industry, past actions raise doubts about their reliability.
The lack of clarity from Congress adds to the frustration. In times like these, decentralized solutions might offer the most stability.
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Wow my gosh Geek Girl is definitely the coolest.... Asked and Received 😍😍😍 I'm so lucky to know you 💯😍💯🥰🥰🥰
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