Chamber of Digital Commerce Condemns SEC for Wells Notice Against Robinhood

The Digital Chamber, an industry association for cryptocurrencies, condemned the U.S. SEC for issuing a Wells notice to Robinhood Crypto. In a statement on May 6, the Digital Chamber expressed "deep disappointment and concern" about the SEC's action, calling it an example of regulatory overreach. The Digital Chamber stressed that it has always opposed the SEC expanding its reach without authorization from the U.S. Congress. It noted that the U.S. Congress is "actively considering legislation" to define regulatory jurisdiction over cryptocurrencies and said the SEC violated that process. To address the jurisdiction issue, the Digital Chamber urged "immediate legislative action" and said SEC Chairman Gary Gensler should be forced to testify at a congressional hearing. (Cryptoslate) Yesterday, Robinhood disclosed that the Wells notice issued by the U.S. Securities and Exchange Commission was related to the cryptocurrency listing of "RHC".