"Gold Finance reported that Fox News reporter Eleanor Terrett reported that Dan Gallagher, former SEC Commissioner and current Chief Legal Officer of Robinhood, described in detail Robinhood's efforts to register — "over a dozen meetings and calls over a year and a half" — but ultimately still received a Wells Notice from enforcement.

Gallagher criticized the SEC's "scorched-earth" approach to cryptocurrencies and urged the commission to take immediate action to provide clarity for the industry. He pointed out that while Congress is pushing for much-needed legislation, the SEC has had the power to establish a basic digital asset regulatory framework since 1996."