Fox reporter Eleanor Terrett reports that Dan Gallagher, a former SEC commissioner who is now Robinhood's chief legal officer, detailed Robinhoo's efforts to sign up - "a dozen meetings and phone calls over a year and a half" - but eventually received a notice from Wells from law enforcement. Gallagher criticized the SEC's "scorched earth policy" on cryptocurrencies and recommended that the commission take immediate steps to provide clarity to the industry, noting that the SEC has had the authority to establish foundational digital asset regulations since 1996, despite much-needed legislation in Congress.