Robinhood Hit with SEC Wells Notice

MarketVector has launched an index featuring meme coins like $DOGE and $SHIB, amidst Trump's crypto endorsements. Robinhood receives SEC scrutiny for crypto custody and listing

Robinhood Hit with SEC Wells Notice

MEME coins recognized as a market segment

Index company MarketVector (also known as MVIS, founded by VanEck) has launched a meme coin index, which counts $DOGE, $PEPE $SHIB and 3 others as its constituents.

Will there be a MEME spot ETF in the future?

Trump playing crypto card

https://twitter.com/danheld/status/1788374693801755058

From a gathering video, Trump claims that Biden knows nothing about crypto, but Trump himself is good with it. He wants to make sure it's good and solid. So he said 'if you are in favor of crypto, then you'd better vote for Trump'.

While 3 years ago in front of media, Trump said "Bitcoin, it just seems like a scam."

Then there's a rumor saying that Donald Trump is considering picking Elon Musk for VP.Crypto Trump + Elon Musk -> DOGE to the moon?

Robinhood receiving Well's Notice from SEC

As previously disclosed, Robinhood Crypto, LLC (“RHC”) has received investigative subpoenas from the Securities and Exchange Commission (“SEC”) regarding, among other topics, RHC’s cryptocurrency listings, custody of cryptocurrencies, and platform operations (the “RHC Activities”). RHC has cooperated with this investigation.

On May 4, 2024, RHC received a “Wells Notice” from the Staff of the SEC (the “Staff”) stating that the Staff has advised RHC that it made a “preliminary determination” to recommend that the SEC file an enforcement action against RHC alleging violations of Sections 15(a) and 17A of the Securities Exchange Act of 1934, as amended.

The potential action may involve a civil injunctive action, public administrative proceeding, and/or a cease-and-desist proceeding and may seek remedies that include an injunction, a cease-and-desist order, disgorgement, pre-judgment interest, civil money penalties, and censure, revocation, and limitations on activities.

It's interesting that SEC does not seem to be friendly with crypto, but meanwhile approved BTC spot ETF.


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