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Robinhood Receives Wells Notice, LayerZero Addresses Sybil Activity

May 6, 2024
Author
Tom Couture
Tom Couture AC
Market Update U.S. equities are extending Friday’s rally, with the $SPY and $QQQ both gaining about 0.65%. This week’s macroeconomic data includes consumer credit tomorrow, wholesale inventories on Wednesday, and consumer sentiment on Friday. There are Fed speakers set for every day this week and it’ll be interesting to monitor if they take a dovish or hawkish tone after Powell’s dovish speech last week. Crypto markets gained over the weekend, with #BTC (-1.48%) reaching a high of $65.5k early this morning before turning negative to $63.1k. Similarly, #ETH (-2.15%) eclipsed $3,200 this morning and is now trading at $3,070. As mentioned in Friday’s market update, Friend.tech had a disappointing token launch with price and TVL dropping. #FRIEND has rallied back to $2.39, although TVL has continued to plummet, down to $11.22 million.Robinhood Markets (HOOD) disclosed that its crypto unit, Robinhood Crypto, received a Wells Notice from the SEC disclosing plans to file an enforcement action regarding securities violations. Robinhood issued a statement reflecting its disappointment in the SECs behavior after the company's concerted effort to comply with regulations and set up a special purpose broker deal with the SEC. The SEC continues to go down a war path against the cryp

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