Jake Chervinsky
@jchervinsky
The SEC just sent a Wells notice to Robinhood. The number they've sent about crypto in recent months is astonishing. It's hard to imagine that they would (or could) bring so many enforcement actions at once. It seems like they're abusing the Wells process as a scare tactic now.
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Jake Chervinsky
@jchervinsky
The SEC allocates a grossly disproportionate amount of its resources to crypto, given that its actual purpose is to regulate equity and debt markets. Every minute and taxpayer dollar spent on crypto is one not spent on the real mission that Congress created the SEC to pursue.
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Jake Chervinsky
@jchervinsky
If the SEC brings as many enforcement actions as it has sent Wells notices, it will be in flagrant violation of both the law and its Congressional mandate. If not, it's clearly abusing the Wells process to get free discovery and terrorize upstanding US companies. Which is it?
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