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Washington, D.C. – The Digital Chamber, the leading trade association representing the digital asset industry, expresses its profound disappointment and concern following the news that Robinhood Crypto (RHC) has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC). This alarming development is yet another instance of the SEC’s unchecked regulatory overreach, coming on the heels of similar notices issued to major industry players like Uniswap and Consensys.

Robinhood’s statement earlier today highlighted their rigorous efforts to comply with SEC regulations, including their attempt to register a special purpose broker-dealer specifically for their crypto operations. Despite these good faith efforts, the SEC has chosen a path that significantly undermines innovation and investor protection in the digital assets space.

The Digital Chamber has consistently argued, through multiple amicus briefs and advocacy initiatives, that the SEC is extending its regulatory reach over the digital asset industry without proper congressional authorization. When Congress is actively deliberating legislation that would define regulatory jurisdictions for digital assets, the SEC’s actions contradict the legislative process.

Moreover, the SEC’s aggressive stance does not align with its stated investor protection mandate. By threatening to stifle a major part of the financial sector through potentially unwarranted enforcement actions, the SEC risks not only alienating innovative enterprises but also undermining the financial autonomy of millions of Americans who participate in the digital economy.

We urge immediate legislative action to address these jurisdictional discrepancies and clarify the regulatory framework governing digital assets. Additionally, SEC Chairman Gary Gensler must be called to testify before Congress to explain the rationale behind the SEC’s continued attempts to stifle an industry pivotal to our economic future.

The Digital Chamber stands ready to support Robinhood Crypto and other affected companies in seeking a resolution that protects their ability to operate and innovate, as well as defending the rights of digital asset users and entrepreneurs nationwide.

For media inquiries, please contact press@digitalchamber.org.