“Decrypting Lawyers: SEC’s Misuse of Wells Notice as a ‘Coercive Strategy'”

Jake Chervinsky, a prominent cryptocurrency lawyer and Chief Legal Officer at Variant Fund, recently posted on Twitter, expressing his astonishment at the number of Wells notices sent by the U.S. Securities and Exchange Commission (SEC) to Robinhood regarding cryptocurrency. He stated that it is difficult to imagine the SEC taking such a large number of enforcement actions, and it appears that they are now abusing Wells notices as a scare tactic. Chervinsky believes that the SEC is clearly misusing this notice to intimidate honest American companies.