Variant Fund Chief Legal Officer: SEC abuses Wells notification as a scare tactic

Jake Chervinsky, Chief Legal Officer of Variant Fund, wrote on Twitter that the US Securities and Exchange Commission (SEC) has recently sent Robinhood a Wells notice. The number of Wells notices related to cryptocurrency that they have sent in recent months is shocking. It is difficult to imagine that the SEC can (or is able to) take so much enforcement action. It seems that they are now abusing Wells notices as a form of intimidation. They are clearly abusing Wells notices to intimidate honest American companies.