COINDESK DAILY: Robinhood Shares Fall After Wells Notice From SEC; Crypto's Guard Against Hacks
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 6 May 2024
⏱️ 3 minutes
🧾️ Download transcript
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.
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"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.
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This episode was hosted by Jennifer Sanasie. “First Mover” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen.
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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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