In his testimony before the U.S. House Financial Services Subcommittee on Digital Assets, Robinhood's Chief Legal Officer, Dan Gallagher, criticized the SEC's "scorched earth" approach to cryptocurrencies. He revealed that Robinhood had numerous meetings with the SEC to register as a digital asset broker-dealer but received a Wells notice instead. Gallagher argued that the SEC failed to provide feedback and clarity, leading to ambiguity surrounding cryptocurrency regulations. He urged Congress to create a regulatory structure and called for more clarity and a framework that supports innovation in the U.S. digital asset market.



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