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In a significant development, Reuters has reported that the U.S. Securities and Exchange Commission (SEC) has sent a Wells Notice to Robinhood, a popular cryptocurrency trading platform.
A Wells Notice serves as a formal warning that the SEC may initiate legal action against the recipient. Robinhood has expressed disappointment over the SEC’s decision, stating, “We are disappointed that the SEC has decided to issue a Wells Notice regarding our crypto business in the United States.”
The news of the Wells Notice has had an immediate impact on the cryptocurrency market, with Bitcoin prices dropping below $64,000.