COINDESK DAILY: Robinhood Shares Fall After Wells Notice From SEC; Crypto's Guard Against Hacks

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CoinDesk

Business News, Daily News, News, Tech News

4.7 • 698 Ratings

🗓️ 6 May 2024

⏱️ 3 minutes

🔗️ Recording | iTunes | RSS

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Summary

Host Jennifer Sanasie breaks down the latest news in the crypto industry from Robinhood's Wells Notice from the SEC to a new group led by cybersecurity veteran Justine Bone that aims to guard crypto from hacks. To get the show every day, follow the podcast here. "CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as Robinhood (HOOD) shares fell about 2.5% in premarket trading after its crypto arm received a Wells Notice from the SEC. Plus, new findings from Visa and data platform Allium Labs show that more than 90% of stablecoin transaction volumes aren’t coming from genuine users. And, cybersecurity veteran Justine Bone is leading a group dedicated to guarding crypto from hacks. - Consensus is where experts convene to talk about the ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry’s most sought-after speakers, unparalleled networking opportunities and unforgettable experiences. Register now at consensus.coindesk.com. - This episode was hosted by Jennifer Sanasie. “First Mover” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:51.7	Robin Hood shares fell as news broke that the popular trading platform received a Wells notice from the SEC on March 4th.
0:59.4	The stock fell about 2.5% in pre-market trading on Monday. In a filing, Robin Hood said the potential action from the agency may include a civil injunctive action, public administrative proceeding, and or a cease and assist
1:12.4	proceeding. Wells notices are preliminary warnings informing respondents of the charges the regulator
1:17.7	is considering against them. They usually lead to enforcement actions. Robin Hood ended all
1:23.5	support for tokens named in SEC lawsuits brought against finance and Coinbase in June last year.
1:29.4	According to a report co-developed by Visa, more than 90% of stable coin transaction volumes aren't coming from genuine users.
1:36.3	Out of about $2.2 trillion in total transactions in April, just $149 billion originated from organic payments activity.
1:46.0	The analysis removed transactions done by bots and large-scale traders to, quote, isolate those made by real people.
1:53.0	Visa's head of crypto, Kai Sheffield, said in a note last month that there's a lot of noise in this data,
1:58.4	given that blockchains are general purpose networks, where
2:01.1	stablecoins can be used across a range of use cases with transactions that can be initiated
2:06.1	manually by an end user or programmatically through bots. Despite the discrepancy between transfer
	...

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