Robinhood CEO Vladimir Tenev Criticizes Wells Notice Despite Strong Q1 Earnings

Robinhood CEO Vladimir Tenev expressed disappointment over a recent Wells notice during the company's Q1 earnings call. Despite facing regulatory challenges, Robinhood reported a 224% increase in crypto trading volumes, contributing to nearly 40% of its transaction-based revenue. The firm recorded its second consecutive profitable quarter with a net income of $157 million. (Read More)

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Robinhood crypto business slapped with SEC Wells notice

The SEC is planning to file an enforcement action against Robinhoods cryptocurrency business, according to the Wells notice.

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Regulatory crackdown spawns anti-SEC CultureCoin

The creators of NotWifGary aim to stand [their] ground against Gary Gensler and the SEC in support of Ethereum and open-source developers.

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US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000

JP Morgan and Wells Fargo, two of the largest banks in the United States, have announced their investments into Spot Bitcoin ETFs, unveiling their exposure to BTC, the worlds largest cryptocurrency. This significant development comes amidst the persistent downturn in the crypto market, resulting in BTCs price dipping slightly above $60,000.  US Financial Banks Expose [...]

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Wells Fargo reports exposure to Grayscale and ProShares Bitcoin ETFs

The bank reported holding $143,111 worth of shares of the ProShares Bitcoin Strategy ETF, Grayscale Bitcoin Trust and Bitcoin Depot.

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Wells Fargo, America's Third Largest Bank, Owns Spot Bitcoin ETFs: SEC Filing

Wells Fargo reported owning Grayscale's spot Bitcoin ETF.

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XRP To Skyrocket To $500 Within 7 Months, Predicts Wells Fargo Treasury Manager

In a recent statement, Wells Fargo’s Treasury Management officer Shannon Thorp provided an eye-catching price prediction for XRP. The forward-thinking executive anticipates a potential surge in XRP’s value to anywhere between $100 and $500 in the short term, specifically within the next 4 to 7 months. This price hike prediction represents an astounding 14,200 % [...]

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SEC Investigation into Immutable Closed After Almost 5 Months Following Wells Notice

The Securities and Exchange Commission (SEC) has concluded its investigation into blockchain company Immutable Capital five months after issuing a Wells Notice. The investigation was related to potential violations of securities laws by Immutable Capital. The Wells Notice, issued by the SEC, alerts a company or individual that the Commission staff is considering recommending enforcement [...]

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‘US has left a vacuum that other countries are eager to fill’: Coinbase

With Coinbase seemingly on the verge of a court battle with the Securities and Exchange Commission (SEC), the firm has emphasized that the U.S. government’s hawkish approach to crypto regulation has “left a vacuum that other countries are eager to fill.’ The SEC issued Coinbase a wells notice on March 22 outlining that SEC staff [...]

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US Crypto Crackdown Could Stifle Innovation and Weaken Dollar

The recent Wells notice issued by the SEC to Coinbase, along with other legal threats against crypto firms, has raised concerns among industry experts that the US crackdown on cryptocurrencies could stifle innovation and weaken the dollar. Some believe that the regulatory environment in the US is driving jobs, investment, and innovation offshore, to countries like Singapore, Hong Kong, and potentially Australia. (Read More)

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ARK Invest Buys Coinbase Shares Despite Wells Notice

Investment management firm ARK Invest, led by Cathie Wood, has resumed buying shares of Coinbase, purchasing 268,928 shares worth $17.88 million through its ARKK Innovation and ARKW Next Generation Internet exchange-traded funds on March 23. This came just a day after Coinbase's stock price fell by 21% due to news of the company receiving a Wells notice from the Securities and Exchange Commission (SEC). (Read More)

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Cathie Wood’s ARK loading up on Coinbase shares again, buying $18M

ARK Invest purchased 269,928 shares in Coinbase on March 23, only two days after it sold $13.5 million, its first sale of Coinbase shares this year.

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Coinbase CEO on its Wells Notice: SEC is like soccer referees in a game of pickleball

Brian Armstrong made the interesting analogy when asked to explain the firm's recent "Wells Notice" in "NFL terms."

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Metacade raises $1M in hours in final presale stage despite SEC’s Wells Notice to Coinbase

Despite a major crypto headwind,Metacade‘s final presale stage is seeing huge interest, with $1 million purchased in the last 24 hours. Indeed, the Metacade presale could be hours away from closing, with the final stage more likely to be sold out well before the presale’s scheduled closing date. This is because Metacade’s MCADE token has …

<p>The post Metacade raises $1M in hours in final presale stage despite SEC’s Wells Notice to Coinbase first appeared on CCNC | Cryptocurrency Newscast.</p>

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SEC Informs Crypto Exchange Coinbase of Potential Securities Law Violations

The U.S. Securities and Exchange Commission (SEC) has sent Coinbase a “Wells notice” about potential violations of securities law. The Nasdaq-listed cryptocurrency exchange noted that, unlike what SEC Chairman Gary Gensler said, the securities regulator “will not let crypto companies ‘come in and register.’” Coinbase CEO Brian Armstrong explained: “A Wells notice typically precedes an [...]

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Signature Bank Considered a Buy as Last Major Bank Standing in Crypto Market Amid Silvergate and SVB Troubles

Amid the demise of Silvergate Bank and the troubles faced by Silicon Valley Bank (SVB), market analysts believe Signature Bank (SBNY) may be a buy as it’s considered the “last game in crypto-town,” according to Wells Fargo equity analyst Jared Shaw. Silvergate’s liquidation caused SBNY shares to sink on Friday, dropping more than 13% as [...]

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Breaking: Circle squashes rumors of planned SEC enforcement action

Rumors swirled on Twitter that the stablecoin issuer received a litigation notice from the U.S. securities regulator but a Circle executive rebuffed the claim.

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Ripple CEO Compares FTX’s Fraud To Wells Fargo’s Funds Mismanagement

During the feverish FTX turmoil news cycle, Ripple CEO Brad Garlinghouse weighs in with a new comparison, FTX’s fraud with Wells Fargo funds mismanagement. Brad tweeted that although SBF and FTX’s fraud has rightfully outraged the globe, it hardly registers on the news when Wells Fargo mismanages billions of dollars in consumer assets. Where the local community […]

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HSBC and Wells Fargo Expand DLT Solution for FX Transactions

<p> HSBC Bank plc and <a href="https://www.financemagnates.com/tag/wells-fargo/" target="_blank">Wells Fargo & Company</a>, two giants in the banking industry, announced on Thursday the expansion of a <a href="https://www.financemagnates.com/terms/d/distributed-ledger-technology-dlt/" target="_blank" id="5f586236-27b9-47a7-8088-da7635d6aab2_1" class="terms__secondary-term">distributed ledger technology (DLT</a>) solution they are using for foreign exchange (FX) settlements. It now includes CNH (offshore yuan). </p><p class="MsoNormal">According to the press release, two institutions launched the bilateral blockchain solution in <a href="https://www.financemagnates.com/institutional-forex/hsbc-and-wells-fargo-to-use-a-blockchain-solution-for-fx-transactions/">December 2021</a>, which currently covers five main currencies, the US dollar, the British pound sterling, the Canadian dollar, the euro and the offshore yuan. In the last 11 months, Wells Fargo and HSBC settled over $200 billion in FX transactions and current plans anticipate further expansion to include more currencies.</p><p class="MsoNormal">Companies share a private ledger created by a joint team with Wells Fargo and HSBC employees. All FX settlements and transaction records are visible and transparent to each party. The companies use a DLT technology provided by Baton System called CORE. The platform allows for the efficient clearing of bilateral cross-border obligations in multiple currencies.</p><p class="MsoNormal">"We are pleased to expand the capabilities of the platform to include CNH, allowing us to reduce risk in the payment settlement process. The collaboration shows that we can pursue innovative technologies and apply them in a way that enhances our existing infrastructure and ultimately benefits our clients," Vince Hindman, the Global Head of Rates and FX Solutions at Wells Fargo Corporate & Investment Bank, said.</p><p class="MsoNormal">Metaverse Fund From HSBC</p><p class="MsoNormal"><a href="https://www.financemagnates.com/tag/hsbc/" target="_blank">HSBC </a>is increasingly involved in cryptocurrency and blockchain-related technologies. In April, the company <a href="https://www.financemagnates.com/fintech/hsbc-is-launching-a-metaverse-fund-for-high-net-worth-asian-clients/">announced</a> the launch of a special metaverse fund for high-net-worth clients from Asia.</p><p class="MsoNormal">To this end, the institution has purchased a virtual land in <a href="https://www.financemagnates.com/terms/s/sandbox/" target="_blank" id="044130ee-16bf-4d90-b373-b634d8335cfb_1" class="terms__main-term">Sandbox</a>, one of the more popular web3 games. The fund focuses on experience and discovery, infrastructure, virtualization, interface and computing.</p><p class="MsoNormal">"We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem," Lina Lim, the Regional Head of Discretionary and Funds for Investments and Wealth Solutions, Asia Pacific at HSBC, said in April.</p><p class="MsoNormal">According to the rival investment bank, Citi, the metaverse industry is expected to be worth $13 billion by 2030.</p> This article was written by Damian Chmiel at www.financemagnates.com.

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Crypto Becomes Valid Portfolio Options and Assets Diversifier , Says Wells Fargo's Subsidiary

Wells Fargo's subsidiary believes that cryptocurrencies are a transformative innovation. The giant bank said cryptos play a role in diversification and can provide potential risk-adjusted returns. (Read More)

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