Fox reporter Eleanor Terrett posted on X, stating that Dan Gallagher, former SEC commissioner and current Robinhood Chief Legal Officer, detailed Robinhood's efforts to register, which involved "over a dozen meetings and calls over a year and a half." Despite these efforts, the company still received a Wells Notice from the enforcement division. Gallagher criticized the SEC's "scorched earth" approach to crypto, urging the commission to immediately provide clarity for the industry. He noted that while Congress is pushing for much-needed legislation, the SEC has had the authority to establish a basic digital asset regulatory framework since 1996.