{"id":297136,"date":"2024-05-07T16:03:20","date_gmt":"2024-05-07T10:33:20","guid":{"rendered":"https:\/\/dripp.zone\/news\/lawmakers-criticize-gary-gensler-amid-robinhood-wells-notice-coinbase-extends-support-crypto-news\/"},"modified":"2024-05-07T16:03:48","modified_gmt":"2024-05-07T10:33:48","slug":"lawmakers-criticize-gary-gensler-amid-robinhood-wells-notice-coinbase-extends-support-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/lawmakers-criticize-gary-gensler-amid-robinhood-wells-notice-coinbase-extends-support-crypto-news\/","title":{"rendered":"Lawmakers Criticize Gary Gensler Amid Robinhood Wells Notice, Coinbase Extends Support – Crypto News"},"content":{"rendered":"

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Popular trading platform Robinhood received strong support from US lawmakers after the U.S. SEC slapped a Wells notice<\/a> for its crypto business division. Lawmakers have slammed SEC Chair Gary Gensler for going hammer and tongs after every company that seeks to offer cryptocurrency services.<\/p>\n

Lawmakers Slam SEC Chair Over Robinhood Notice<\/h3>\n

Speaking on the development, House Majority Whip Tom Emmer stated: \u201cThese Wells notices seem to be Gary Gensler\u2019s desperate, last-ditch attempts to intimidate and antagonize digital asset innovators.\u201d<\/p>\n

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Congressman John Rose criticized the Securities and Exchange Commission (SEC) for what he sees as overreach in its actions against Robinhood. He asserts that the SEC\u2019s issuance of a Wells Notice, a preliminary step to enforcement action, goes beyond its role of safeguarding investors and ensuring fair markets.<\/p>\n

Rose emphasized his support for the FIT for the 21st Century Act, which aims to bring clarity to regulatory oversight in the financial technology sector. He argues that such legislation would prevent regulators like SEC Chairman Gary Gensler from diverting attention from investor protection to hindering innovation.<\/p>\n

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The @SECgov<\/a> exceeded its mandate to protect investors and maintain fair, orderly markets by issuing a Wells Notice to @RobinhoodApp<\/a>, a precursor to enforcement action.
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I’m proud to help lead the effort to provide clarity by passing the FIT for the 21st Century Act so that rogue\u2026<\/p>\n

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\u2014 Congressman John Rose (@RepJohnRose) May 6, 2024<\/a><\/p>\n<\/blockquote>\n

Crypto Market Players Extend Support<\/h3>\n

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Bill Morgan commented on the current situation regarding Wells Notices issued to crypto companies by the Securities and Exchange Commission (SEC). He noted that some observers, who lean towards supporting the SEC, argue that these crypto companies are deviating from the typical response to a Wells Notice.<\/p>\n

Instead, they are using the opportunity to publicly criticize the SEC. Morgan questioned whether this strategy is wise, suggesting that it could exacerbate tensions between the crypto industry and the SEC. He raised the possibility of a lasting conflict between the two entities.<\/p>\n

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Responding to Robinhood CEO Vlad Tenev\u2019s message on X, Coinbase<\/a> CEO Brian Armstrong. \u201cThe courts will help get clarity \u2013 but the right solution in the long term is we need to elect pro-crypto candidates,\u201d he wrote.<\/p>\n

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Welcome to the club \u2013 you’re in good company \ud83d\ude42 <\/p>\n

The courts will help get clarity \u2013 but the right solution longer term is we need to elect pro-crypto candidates. This is why Coinbase has supported Fairshake superpac, and https:\/\/t.co\/1YyvPQemqk<\/a>. <\/p>\n

Hope y’all can join us! https:\/\/t.co\/TONaXX2vlv<\/a><\/p>\n

\u2014 Brian Armstrong (@brian_armstrong) May 7, 2024<\/a><\/p>\n<\/blockquote>\n

Vlad Tenev stated that they intend to utilize their resources to challenge this issue in court. Their aim is twofold: to safeguard their crypto business and to establish regulatory clarity in the United States for the benefit of their customers. It seems that the crypto community will soon join hands together while dealing with regulatory matters.<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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