SEC Chairman Wants Crypto Regulation, Wolfe Research Claims Robinhood Is Uninvestable
August 11, 2021
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8:34Now PlayingSEC Chairman Wants Crypto Regulation, Wolfe Research Claims Robinhood Is Uninvestable
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Crypto Regulation Coming Soon
Gary Gensler, the head of the US. Securities and Exchange Commission (SEC), wants more regulation of cryptocurrency so that they can protect consumers. Gensler believes the crypto space is a ‘wild west’ riddled with fraud and investor risk. He believes lawmakers should give the SEC more power to oversee crypto lending and decentralize finance platforms.
But a commissioner with the US Commodity Futures Trading Commision (CFTC) says the SEC doesn’t and shouldn’t have authority over the crypto space. The commissioner tweeted that the SEC can’t doesn’t have authority over pure commodities or their trading venues, which includes crypto assets. In the past the SEC and CFTC have investigated fraud and may lead to another team up in the future on crypto.
Wolfe Research Calls Robinhood Uninvestable
Wolfe Research’s Managing Director, Steven Chubak says this after Robinhood's lackluster debut of their IPO with $38 a share. Soon after, the value shot up similar to the meme stocks they claim to dislike so much. We also have heard that early Robinhood investors and owners who own 97.9 million shares will be selling them. Some people see Robinhood’s potential of international expansion, adding a digital wallet and competing with Square and PayPal. Others see Robinhood as a regulatory risk as a result of all the issues it has already faced.
Rihanna Is A Billionaire
According to Forbes, Rihanna is now a billionaire. She’s now the second richest woman in entertainment, only behind the legendary Oprah Winfrey. Forbes claims that Rihanna’s net worth has climbed to $1.7 billion. Also, Rihanna hasn’t released an album since 2016 because she has been focusing more on her businesses, the beauty brand Fenty Beauty and the lingerie brand Savage X Fenty. Now, she is even expanding to fragrances with Fenty Eau De Parfum. Even though many want an album, most sales are made from tours and merchandise. With tours currently on hold, financially it makes more sense for Rihanna to continue to focus on her wildly successful Fenty businesses.
What do you think about today’s round of news headlines and cryptocurrency news today? Let us know in the comments below!
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