Digital asset legal expert Jake Chervinsky thinks the U.S. Securities and Exchange Commission (SEC) is allocating a “grossly disproportionate” amount of resources toward regulating crypto.
Chervinsky, the chief legal officer at the crypto fund Variant, blasted the SEC for recently sending out a Wells Notice to Robinhood’s crypto trading arm.
A Wells Notice is a warning issued by the SEC that indicates the regulator is planning to pursue legal action against a company.
Chervinsky argues that the SEC is abusing its power.
“The number [of Wells Notices] 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.
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.”
Last month, Uniswap Labs received a Wells Notice from the SEC. The regulator has also accused Coinbase, Binance and Kraken of violating securities laws, launching lawsuits against all three exchanges last year.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post SEC Allocating ‘Grossly Disproportionate’ Amount of Resources to Crypto, Says Lawyer Jake Chervinsky appeared first on The Daily Hodl.
