Fox reporter: Robinhood's chief legal officer said they have put in a year and a half of effort to register but still received a notice from Wells

ChainCatcher news, Fox reporter Eleanor Terrett revealed that former SEC commissioner and current Robinhood Chief Legal Officer Dan Gallagher detailed the efforts Robinhood made to register—"a dozen meetings and phone calls over a year and a half," but ultimately still received a Wells notice from the enforcement agency.

Gallagher criticized the SEC's "scorched earth" approach to cryptocurrency and suggested that the commission take immediate action to provide clarity for the industry. He pointed out that although Congress is advancing much-needed legislation, the SEC has had the authority to establish a foundational regulatory framework for digital assets since 1996.