The Digital Chamber of Commerce, a cryptocurrency trading association, condemned the SEC's submission of a Wells notice to Robinhood Crypto. In a statement released on May 6th, the association expressed "deep disappointment and concern" about this action and called it an example of excessive regulation.
The Digital Chamber emphasized that it has always opposed the SEC's expansion of its jurisdiction without congressional authorization. It noted that Congress is actively considering legislation to define regulatory jurisdiction over cryptocurrencies and that the SEC has violated this process.
To address the jurisdictional issue, the Digital Chamber urged "immediate legislative action" and called for SEC Chairman Gary Gensler to be compelled to testify before Congress.