😱😱😱Warning letter from SEC reducing the price of Robinhood and Bitcoin

The US Securities and Exchange Commission (SEC) is taking a tough stance on cryptocurrencies again. They sent a warning letter, called a "Wells notice," to Robinhood, a platform for trading stocks and cryptocurrencies. This caused Bitcoin to drop below $64,000 and Robinhood's shares to fall over 7% before the market opened. Robinhood, known for its low-commission trading services, may face legal action from the SEC. This notice suggests the SEC might sue Robinhood for violating securities laws. In the past, similar notices led to lawsuits, like with Coinbase and Binance. Despite Robinhood removing some cryptocurrencies from its platform, the SEC's notice still affected its stock.