US SEC says crypto firms abused WellsNotice...to scare people

“The U.S. Securities and Exchange Commission (SEC) has been recklessly abusing wellsnotes (notices to potential litigants seeking clarification) against the crypto industry in recent months,” said Jake Chervinsky, chief legal officer at cryptocurrency specialist Variant, according to The Block. “The number of Wells Notices the SEC has sent to crypto companies in recent months is staggering, and the SEC is disproportionately taking enforcement actions against the crypto market compared to the stock market. The SEC is abusing the Wealth Notice purely to intimidate crypto companies.” Earlier, Robinhood Crypto, a cryptocurrency trading platform under the Robinhood umbrella, announced that it had received a Wealth Notice from the SEC on June 6 regarding its cryptocurrency listing, cryptocurrency custody, and platform operations.