I would never bet against the SEC in court.

I don't think Robin Hood is likely to win in a full-on battle with the SEC.

There's yet to be any crypto legislation passed in Congress.

And as we creep closer to the election here in the United States, it becomes less and less

likely that we'll see any clear laws passed in regards to crypto this

year. All of this, while the cop on the beat, the SEC, continues to regulate by enforcement.

Yesterday, we learned that Robin Hood received a Wells notice from the regulator, and just a

month ago, decentralized exchange uniswap received the same type of notice. Here to make sense

of this all and tell us what's

going on is an attorney at briganta law and former SEC branch chief Lisa Braganza. Lisa, welcome to

First Mover. Good morning. It's great to be here. It's great to have you here. There's been a lot

going on. I've been so looking forward to this conversation because it's kind of hard to make

sense of what's going on when we hear about these Wells notices. So let's start at the beginning.

I believe you've done this for us before, but just humor me. Unpack what a Wells notice is and

what that actually means for people. Sure. It's such a foreign concept. A Wells notice is and what that actually means for people. Sure. It's such a foreign concept.

A Wells notice is the notice that the Securities and Exchange Commission enforcement division

gives to a company or an individual when they have concluded that they are going to recommend that the commission,

those five, you know, appointed people who are the commission, when they're going to recommend

that that commission authorize an action. So it's sort of a heads up, like, hey, these are the charges, these are the violations

we think you've engaged in. You get a chance now to try and convince us otherwise and maybe

to submit something that might convince those five commissioners that that's not true.

How likely is it that a company gets a Wells notice

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