TL; DR
Full story
The SEC has gone “all-oprah” with these Wells announcements (aka “we plan to sue you” announcements).
ICYMI – In recent weeks, the SEC has issued Wells notices to:
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Uniswap (the world’s largest decentralized exchange).
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Consesnys (the makers of the world’s most popular hot wallet, MetaMask).
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And yesterday, Robinhood (you know – the app you used to buy your $GME stock a few years ago).
It’s unclear what angle of attack the SEC will take with Robinhood — but at this point it doesn’t really matter.
What matters is the bigger picture outlined here…
Because the attack is no longer aimed at one chain or company, but at all the important parts of the infrastructure that make blockchains work.
So if you only own Bitcoin, and are feeling apathetic towards this regulatory blitzkrieg, as it has so far mainly focused on Ethereum, Solana and XRP…
We have bad news.
If peer-to-peer cryptocurrency exchanges through apps like MetaMask and Uniswap are banned in the US, that same legal precedent could be used to prevent you from taking/sending control of your Bitcoin.
The point is: we are no longer talking about an attack on certain crypto protocols, but on the industry as a whole (via the infrastructure).
Glass half full: Even if the SEC were to succeed here, crypto would survive.
Glass half empty: Regardless of whether the SEC fails or not, these continued enforcement actions will drive innovation out of the US long before any of these cases are decided.
Two emphatic thumbs down.