\u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In essence, FIT21 would mainly place crypto oversight under the Commodity Futures Trading Commission, which is viewed by the industry as more lenient than the SEC. The SEC would still regulate cryptocurrencies that are not sufficiently decentralized but FIT21 would also provide a mechanism for some cryptocurrencies to be sold as commodities.<\/p>\n","post_title":"House Passes FIT21 Act To Define Crypto Regulations, Senate's Approval Unclear","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"house-passes-fit21-act-to-define-crypto-regulations-senates-approval-unclear","to_ping":"","pinged":"","post_modified":"2024-05-27 08:44:58","post_modified_gmt":"2024-05-26 22:44:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17046","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16797,"post_author":"21","post_date":"2024-05-13 18:29:53","post_date_gmt":"2024-05-13 08:29:53","post_content":"\n Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Variant Fund\u2019s legal chief, Jake Chervinsky, highlighted the significant number of Democrats voting against the current SEC approach. However, crypto lawyer Gabriel Shapiro cautioned that FIT21 still grants substantial power to the SEC and creates a dual regulatory regime with the CFTC, giving it new authority over the spot commodities market.<\/p>\n\n\n\n In essence, FIT21 would mainly place crypto oversight under the Commodity Futures Trading Commission, which is viewed by the industry as more lenient than the SEC. The SEC would still regulate cryptocurrencies that are not sufficiently decentralized but FIT21 would also provide a mechanism for some cryptocurrencies to be sold as commodities.<\/p>\n","post_title":"House Passes FIT21 Act To Define Crypto Regulations, Senate's Approval Unclear","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"house-passes-fit21-act-to-define-crypto-regulations-senates-approval-unclear","to_ping":"","pinged":"","post_modified":"2024-05-27 08:44:58","post_modified_gmt":"2024-05-26 22:44:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17046","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16797,"post_author":"21","post_date":"2024-05-13 18:29:53","post_date_gmt":"2024-05-13 08:29:53","post_content":"\n Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Despite SEC Chair Gary Gensler\u2019s opposition, stating the bill would create regulatory gaps and threaten market stability, its passage in the House is seen as a positive step for the crypto industry. Coinbase CEO Brian Armstrong celebrated the bipartisan support, calling it a victory for clear crypto regulations.<\/p>\n\n\n\n Variant Fund\u2019s legal chief, Jake Chervinsky, highlighted the significant number of Democrats voting against the current SEC approach. However, crypto lawyer Gabriel Shapiro cautioned that FIT21 still grants substantial power to the SEC and creates a dual regulatory regime with the CFTC, giving it new authority over the spot commodities market.<\/p>\n\n\n\n In essence, FIT21 would mainly place crypto oversight under the Commodity Futures Trading Commission, which is viewed by the industry as more lenient than the SEC. The SEC would still regulate cryptocurrencies that are not sufficiently decentralized but FIT21 would also provide a mechanism for some cryptocurrencies to be sold as commodities.<\/p>\n","post_title":"House Passes FIT21 Act To Define Crypto Regulations, Senate's Approval Unclear","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"house-passes-fit21-act-to-define-crypto-regulations-senates-approval-unclear","to_ping":"","pinged":"","post_modified":"2024-05-27 08:44:58","post_modified_gmt":"2024-05-26 22:44:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17046","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16797,"post_author":"21","post_date":"2024-05-13 18:29:53","post_date_gmt":"2024-05-13 08:29:53","post_content":"\n Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Despite SEC Chair Gary Gensler\u2019s opposition, stating the bill would create regulatory gaps and threaten market stability, its passage in the House is seen as a positive step for the crypto industry. Coinbase CEO Brian Armstrong celebrated the bipartisan support, calling it a victory for clear crypto regulations.<\/p>\n\n\n\n Variant Fund\u2019s legal chief, Jake Chervinsky, highlighted the significant number of Democrats voting against the current SEC approach. However, crypto lawyer Gabriel Shapiro cautioned that FIT21 still grants substantial power to the SEC and creates a dual regulatory regime with the CFTC, giving it new authority over the spot commodities market.<\/p>\n\n\n\n In essence, FIT21 would mainly place crypto oversight under the Commodity Futures Trading Commission, which is viewed by the industry as more lenient than the SEC. The SEC would still regulate cryptocurrencies that are not sufficiently decentralized but FIT21 would also provide a mechanism for some cryptocurrencies to be sold as commodities.<\/p>\n","post_title":"House Passes FIT21 Act To Define Crypto Regulations, Senate's Approval Unclear","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"house-passes-fit21-act-to-define-crypto-regulations-senates-approval-unclear","to_ping":"","pinged":"","post_modified":"2024-05-27 08:44:58","post_modified_gmt":"2024-05-26 22:44:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17046","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16797,"post_author":"21","post_date":"2024-05-13 18:29:53","post_date_gmt":"2024-05-13 08:29:53","post_content":"\n Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related: <\/em><\/strong>US Crypto Market At Crossroads As House Prepares To Vote On Bill<\/a><\/p>\n\n\n\n Despite SEC Chair Gary Gensler\u2019s opposition, stating the bill would create regulatory gaps and threaten market stability, its passage in the House is seen as a positive step for the crypto industry. Coinbase CEO Brian Armstrong celebrated the bipartisan support, calling it a victory for clear crypto regulations.<\/p>\n\n\n\n Variant Fund\u2019s legal chief, Jake Chervinsky, highlighted the significant number of Democrats voting against the current SEC approach. However, crypto lawyer Gabriel Shapiro cautioned that FIT21 still grants substantial power to the SEC and creates a dual regulatory regime with the CFTC, giving it new authority over the spot commodities market.<\/p>\n\n\n\n In essence, FIT21 would mainly place crypto oversight under the Commodity Futures Trading Commission, which is viewed by the industry as more lenient than the SEC. The SEC would still regulate cryptocurrencies that are not sufficiently decentralized but FIT21 would also provide a mechanism for some cryptocurrencies to be sold as commodities.<\/p>\n","post_title":"House Passes FIT21 Act To Define Crypto Regulations, Senate's Approval Unclear","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"house-passes-fit21-act-to-define-crypto-regulations-senates-approval-unclear","to_ping":"","pinged":"","post_modified":"2024-05-27 08:44:58","post_modified_gmt":"2024-05-26 22:44:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17046","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16797,"post_author":"21","post_date":"2024-05-13 18:29:53","post_date_gmt":"2024-05-13 08:29:53","post_content":"\n Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
If Biden vetoes FIT21, the House and Senate could override the veto with a two-thirds majority vote in both chambers.<\/p>\n\n\n\n See Related: <\/em><\/strong>US Crypto Market At Crossroads As House Prepares To Vote On Bill<\/a><\/p>\n\n\n\n Despite SEC Chair Gary Gensler\u2019s opposition, stating the bill would create regulatory gaps and threaten market stability, its passage in the House is seen as a positive step for the crypto industry. Coinbase CEO Brian Armstrong celebrated the bipartisan support, calling it a victory for clear crypto regulations.<\/p>\n\n\n\n Variant Fund\u2019s legal chief, Jake Chervinsky, highlighted the significant number of Democrats voting against the current SEC approach. However, crypto lawyer Gabriel Shapiro cautioned that FIT21 still grants substantial power to the SEC and creates a dual regulatory regime with the CFTC, giving it new authority over the spot commodities market.<\/p>\n\n\n\n In essence, FIT21 would mainly place crypto oversight under the Commodity Futures Trading Commission, which is viewed by the industry as more lenient than the SEC. The SEC would still regulate cryptocurrencies that are not sufficiently decentralized but FIT21 would also provide a mechanism for some cryptocurrencies to be sold as commodities.<\/p>\n","post_title":"House Passes FIT21 Act To Define Crypto Regulations, Senate's Approval Unclear","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"house-passes-fit21-act-to-define-crypto-regulations-senates-approval-unclear","to_ping":"","pinged":"","post_modified":"2024-05-27 08:44:58","post_modified_gmt":"2024-05-26 22:44:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17046","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16797,"post_author":"21","post_date":"2024-05-13 18:29:53","post_date_gmt":"2024-05-13 08:29:53","post_content":"\n Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Once the bill reaches President Biden, he will have ten days to sign or veto it. Although the administration expressed opposition to the bill on May 22, it did not explicitly state that Biden would veto it.<\/p>\n\n\n\n If Biden vetoes FIT21, the House and Senate could override the veto with a two-thirds majority vote in both chambers.<\/p>\n\n\n\n See Related: <\/em><\/strong>US Crypto Market At Crossroads As House Prepares To Vote On Bill<\/a><\/p>\n\n\n\n Despite SEC Chair Gary Gensler\u2019s opposition, stating the bill would create regulatory gaps and threaten market stability, its passage in the House is seen as a positive step for the crypto industry. Coinbase CEO Brian Armstrong celebrated the bipartisan support, calling it a victory for clear crypto regulations.<\/p>\n\n\n\n Variant Fund\u2019s legal chief, Jake Chervinsky, highlighted the significant number of Democrats voting against the current SEC approach. However, crypto lawyer Gabriel Shapiro cautioned that FIT21 still grants substantial power to the SEC and creates a dual regulatory regime with the CFTC, giving it new authority over the spot commodities market.<\/p>\n\n\n\n In essence, FIT21 would mainly place crypto oversight under the Commodity Futures Trading Commission, which is viewed by the industry as more lenient than the SEC. The SEC would still regulate cryptocurrencies that are not sufficiently decentralized but FIT21 would also provide a mechanism for some cryptocurrencies to be sold as commodities.<\/p>\n","post_title":"House Passes FIT21 Act To Define Crypto Regulations, Senate's Approval Unclear","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"house-passes-fit21-act-to-define-crypto-regulations-senates-approval-unclear","to_ping":"","pinged":"","post_modified":"2024-05-27 08:44:58","post_modified_gmt":"2024-05-26 22:44:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17046","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16797,"post_author":"21","post_date":"2024-05-13 18:29:53","post_date_gmt":"2024-05-13 08:29:53","post_content":"\n Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
If there are changes, House and Senate members will need to reconcile differences between their versions of the bill before it can be approved again by both chambers.<\/p>\n\n\n\n Once the bill reaches President Biden, he will have ten days to sign or veto it. Although the administration expressed opposition to the bill on May 22, it did not explicitly state that Biden would veto it.<\/p>\n\n\n\n If Biden vetoes FIT21, the House and Senate could override the veto with a two-thirds majority vote in both chambers.<\/p>\n\n\n\n See Related: <\/em><\/strong>US Crypto Market At Crossroads As House Prepares To Vote On Bill<\/a><\/p>\n\n\n\n Despite SEC Chair Gary Gensler\u2019s opposition, stating the bill would create regulatory gaps and threaten market stability, its passage in the House is seen as a positive step for the crypto industry. Coinbase CEO Brian Armstrong celebrated the bipartisan support, calling it a victory for clear crypto regulations.<\/p>\n\n\n\n Variant Fund\u2019s legal chief, Jake Chervinsky, highlighted the significant number of Democrats voting against the current SEC approach. However, crypto lawyer Gabriel Shapiro cautioned that FIT21 still grants substantial power to the SEC and creates a dual regulatory regime with the CFTC, giving it new authority over the spot commodities market.<\/p>\n\n\n\n In essence, FIT21 would mainly place crypto oversight under the Commodity Futures Trading Commission, which is viewed by the industry as more lenient than the SEC. The SEC would still regulate cryptocurrencies that are not sufficiently decentralized but FIT21 would also provide a mechanism for some cryptocurrencies to be sold as commodities.<\/p>\n","post_title":"House Passes FIT21 Act To Define Crypto Regulations, Senate's Approval Unclear","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"house-passes-fit21-act-to-define-crypto-regulations-senates-approval-unclear","to_ping":"","pinged":"","post_modified":"2024-05-27 08:44:58","post_modified_gmt":"2024-05-26 22:44:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17046","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16797,"post_author":"21","post_date":"2024-05-13 18:29:53","post_date_gmt":"2024-05-13 08:29:53","post_content":"\n Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The Senate may take months to consider FIT21, as there is no deadline for action. If the Senate does consider it, the bill will likely be reviewed, subjected to hearings, and possibly revised by a committee. For it to pass, it needs a majority vote of 51 senators.<\/p>\n\n\n\n If there are changes, House and Senate members will need to reconcile differences between their versions of the bill before it can be approved again by both chambers.<\/p>\n\n\n\n Once the bill reaches President Biden, he will have ten days to sign or veto it. Although the administration expressed opposition to the bill on May 22, it did not explicitly state that Biden would veto it.<\/p>\n\n\n\n If Biden vetoes FIT21, the House and Senate could override the veto with a two-thirds majority vote in both chambers.<\/p>\n\n\n\n See Related: <\/em><\/strong>US Crypto Market At Crossroads As House Prepares To Vote On Bill<\/a><\/p>\n\n\n\n Despite SEC Chair Gary Gensler\u2019s opposition, stating the bill would create regulatory gaps and threaten market stability, its passage in the House is seen as a positive step for the crypto industry. Coinbase CEO Brian Armstrong celebrated the bipartisan support, calling it a victory for clear crypto regulations.<\/p>\n\n\n\n Variant Fund\u2019s legal chief, Jake Chervinsky, highlighted the significant number of Democrats voting against the current SEC approach. However, crypto lawyer Gabriel Shapiro cautioned that FIT21 still grants substantial power to the SEC and creates a dual regulatory regime with the CFTC, giving it new authority over the spot commodities market.<\/p>\n\n\n\n In essence, FIT21 would mainly place crypto oversight under the Commodity Futures Trading Commission, which is viewed by the industry as more lenient than the SEC. The SEC would still regulate cryptocurrencies that are not sufficiently decentralized but FIT21 would also provide a mechanism for some cryptocurrencies to be sold as commodities.<\/p>\n","post_title":"House Passes FIT21 Act To Define Crypto Regulations, Senate's Approval Unclear","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"house-passes-fit21-act-to-define-crypto-regulations-senates-approval-unclear","to_ping":"","pinged":"","post_modified":"2024-05-27 08:44:58","post_modified_gmt":"2024-05-26 22:44:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17046","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16797,"post_author":"21","post_date":"2024-05-13 18:29:53","post_date_gmt":"2024-05-13 08:29:53","post_content":"\n Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\n SEC has firmly held<\/a> that most crypto tokens are securities and thus fall under its registration rules. In response to the regulator, Robinhood\u2019s Chief Legal, Compliance and Corporate Affairs Officer said:<\/p>\n\n\n\n \u201cWe firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.\u201d <\/em><\/p>\n\n\n\n It is unclear which tokens SEC considers security in light of the latest enforcement notice against the brokerage firm. <\/p>\n\n\n\n In the past, Robinhood has delisted several tokens from its platform, including Cardano (ADA), Solana (SOL), and Matic (MATIC), after the regulator went for rival trading entities. The company also disclosed that it made the decision not to provide various products, including staking and lending services, in light of SEC\u2019s enforcement on other platforms. <\/p>\n","post_title":"SEC Sends Robinhood An Enforcement Notice Over Tokens Offered On Its Platform","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-sends-robinhood-an-enforcement-notice-over-tokens-offered-on-its-platform","to_ping":"","pinged":"","post_modified":"2024-05-13 18:30:06","post_modified_gmt":"2024-05-13 08:30:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16797","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The bill's future in the Senate remains unclear, especially since there is no companion bill and it faces opposition from prominent crypto critic Elizabeth Warren. Notably, the Senate recently passed a resolution to nullify a rule restricting banks and crypto firms from conducting business together.<\/p>\n\n\n\n The Senate may take months to consider FIT21, as there is no deadline for action. If the Senate does consider it, the bill will likely be reviewed, subjected to hearings, and possibly revised by a committee. For it to pass, it needs a majority vote of 51 senators.<\/p>\n\n\n\n If there are changes, House and Senate members will need to reconcile differences between their versions of the bill before it can be approved again by both chambers.<\/p>\n\n\n\n Once the bill reaches President Biden, he will have ten days to sign or veto it. Although the administration expressed opposition to the bill on May 22, it did not explicitly state that Biden would veto it.<\/p>\n\n\n\n If Biden vetoes FIT21, the House and Senate could override the veto with a two-thirds majority vote in both chambers.<\/p>\n\n\n\n See Related: <\/em><\/strong>US Crypto Market At Crossroads As House Prepares To Vote On Bill<\/a><\/p>\n\n\n\n Despite SEC Chair Gary Gensler\u2019s opposition, stating the bill would create regulatory gaps and threaten market stability, its passage in the House is seen as a positive step for the crypto industry. Coinbase CEO Brian Armstrong celebrated the bipartisan support, calling it a victory for clear crypto regulations.<\/p>\n\n\n\n Variant Fund\u2019s legal chief, Jake Chervinsky, highlighted the significant number of Democrats voting against the current SEC approach. However, crypto lawyer Gabriel Shapiro cautioned that FIT21 still grants substantial power to the SEC and creates a dual regulatory regime with the CFTC, giving it new authority over the spot commodities market.<\/p>\n\n\n\n In essence, FIT21 would mainly place crypto oversight under the Commodity Futures Trading Commission, which is viewed by the industry as more lenient than the SEC. The SEC would still regulate cryptocurrencies that are not sufficiently decentralized but FIT21 would also provide a mechanism for some cryptocurrencies to be sold as commodities.<\/p>\n","post_title":"House Passes FIT21 Act To Define Crypto Regulations, Senate's Approval Unclear","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"house-passes-fit21-act-to-define-crypto-regulations-senates-approval-unclear","to_ping":"","pinged":"","post_modified":"2024-05-27 08:44:58","post_modified_gmt":"2024-05-26 22:44:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17046","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16797,"post_author":"21","post_date":"2024-05-13 18:29:53","post_date_gmt":"2024-05-13 08:29:53","post_content":"\n Retail trading platform Robinhood has announced<\/a> the receipt of the so-called \u201cWells Notice\u201d from the US Securities and Exchange Commission (SEC). The notice relates to crypto tokens offered on the Robinhood trading platform.<\/p>\n\n\n\n The issuance of the \u201cWells Notice\u201d comes even as the SEC continues its crackdown on the crypto sector. The \u201cWells Notice\u201d is issued when the regulator plans to bring an enforcement action against an entity, although it doesn\u2019t suggest wrongdoing. <\/p>\n\n\n\n The action has attracted criticism, with Variant Fund legal lead Jake Chervinsky saying that SEC is \u201cabusing the Wells process as a scare tactic now.\u201d Reports<\/a> indicate that the SEC has brought at least one lawsuit every month against crypto companies since November.<\/p>\n\n\n\n See Related:<\/em><\/strong> Robinhood's Connect Allows Users To Access DeFi<\/a><\/p>\n\n\n\nSecurity Offerings<\/h2>\n\n\n\n
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