American fintech broker Robinhood has come under the radar of the US Securities and Exchange Commission (SEC). The regulator sent the site a Wells Notice. On the other hand, 5thScape beckons players to embark on unforgettable journeys. A new concept of stepping into a world of breathtaking VR gaming.
Latest update from Robinhood
According to the documents, the Commission may file a lawsuit against Robinhood’s cryptocurrency division for violating securities laws. “After years of good faith efforts to obtain regulatory clarity from the SEC, we are disappointed by the agency’s latest move to issue a Wells Notice related to our U.S. cryptocurrency business. We firmly believe that the assets that are presented on our platform are not securities. And we look forward to working with the SEC to clarify how weak any case against Robinhood’s cryptocurrency division would be on both a factual and legal basis,” Dan Gallagher, chief legal officer, compliance officer, said in a statement. requirements and corporate relations of Robinhood Markets, Inc.
In February last year, Robinhood already received a subpoena from the American regulator. The cryptocurrency division of the fintech broker allows users to trade and sell digital assets such as Bitcoin ( BTC ), Ethereum (ETH), Dogecoin (DOGE) and Shiba Inu (SHIB). However, In 2022, Robinhood also introduced its own non-custodial crypto wallet. At first it was only available for iOS users, but in March this year the company expanded support to Android. Meanwhile, as a result of the news, Robinhood’s stock price fell almost 7% to $17.56, according to MarketWatch.
SEC tightens control over the crypto market
In April, the US regulator issued a Wells notice to the decentralized exchange (DEX) Uniswap. The SEC is not satisfied that the marketplace protocol, as a web application and wallet, does not meet the legal definition of an exchange or securities broker. However, the Commission’s actions provoked the fall of the ecosystem’s native token, UNI. In a matter of hours, the value of the asset fell by more than 20%.
In response to the lawsuit from the department, Uniswap decided to increase commissions for swaps in the platform interface by approximately 67% – from 0.15% to 0.25%. The project team explained that DEX now needs to secure sustainable financing for its activities. Meanwhile, one way was to increase fees. This spring, the SEC also targeted the Ethereum Foundation, which is behind the development of infrastructure for the network of the second largest cryptocurrency by capitalization. Some experts believe that in this way the regulator is taking steps to decide on the status of ETH as a security.
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5thScape: Epic Adventures
But 5thScape isn’t just about escapism, it’s about embracing the limitless possibilities of virtual reality while integrating seamlessly with the decentralized finance (DeFi) landscape. Operating on the Ethereum blockchain, 5thScape leverages blockchain technology to ensure transparency, interoperability, and value-driven experiences. With strategic valuation metrics and a commitment to community engagement, 5thScape paves the way for a new era of gaming where reality fades, and unforgettable adventures await.
