Official SEC announcements or major financial news outlets

SEC and CFTC Intensify Crypto Enforcement, Issue Multiple Wells Notices

May 7, 2024, 06:16 AM

The U.S. Securities and Exchange Commission (SEC) is intensifying its regulatory actions against major cryptocurrency companies, including Robinhood, Kraken, Coinbase, Uniswap, and Metamask. This aggressive stance, described by some as a 'carpet bombing campaign', has led to the issuance of multiple Wells Notices, signaling potential enforcement actions. The SEC's actions, which some critics argue could undermine the agency's legitimacy and affect political outcomes, have sparked significant controversy within the crypto community. Additionally, the Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam has indicated that the crypto industry should expect a surge in enforcement actions over the next 6-24 months due to the sector's rapid growth and lack of clear regulations. Notably, Robinhood was forced to sell $SOL at less than $20, and the SEC has also proposed new rules on predictive data analytics. Despite its conservative approach to digital asset listings, Robinhood has been a major target.