A confrontation between the US Securities and Exchange Commission (SEC) and Robinhood is expected, particularly over the company's cryptocurrency activities. Dan Gallagher, Robinhood's chief legal officer and a potential candidate for SEC chairman, is seen as a strong candidate for SEC chairman if Donald Trump is re-elected president. However, Gallagher could face a legal battle with the SEC before taking on the role, as the SEC is examining whether Robinhood is operating as an unlicensed broker and clearing agency. Gallagher emphasized that the lawsuit is unnecessary, arguing that Robinhood does not offer crypto lending and staking services unlike other platforms, so they are in a unique position. Gallagher also criticized that the SEC has not developed clear rules for cryptocurrencies, stating that there should be a faster and more responsive regulation on this issue.
At the time of writing, Bitcoin (BTC) is trading at $62,410 and Ethereum (ETH) is trading at $2,435.
The fear and greed index is neutral at “41”.
Important developments during the day:
Eigenlayer (EIGEN): The unlocking of 9.93 million tokens, corresponding to 5.32% of the amount in circulation, will take place.
Celestia (TIA): There will be an interview with the community via Discord.
