“We view the current macroeconomic setup as almost the complete opposite of 2021 which was when we initiated research coverage on HOOD at Underperform. Now interest rates are elevated and the BofA economists forecast Fed rate cuts to start in December while economic growth is surprising to the upside and stock/crypto markets are back in bull market territory.”

 “Retail investors are still pouring money into AMC and GME with daily inflows of $51 million and $16 million respectively.”

 “The Well’s Notice issued to trading platform Robinhood by the U.S. Securities and Exchange Commission should not pose an obstacle to the eventual approval of spot ether exchange-traded funds.”

 “The Wells Notice against Uniswap and Metamask makes it clear that decentralized platforms are not exempted from the SEC’s objective to eventually supervise most of the crypto industry.”

 “The template is likely to be similar to bitcoin: with futures based ether ETFs already approved, the SEC (if it denies the approval of spot ether ETFs) is likely to face a legal challenge and eventually lose.”

 “The SEC just sent a Wells notice to Robinhood. The number they've sent about crypto in recent months is astonishing. It's hard to imagine that they would (or could) bring so many enforcement actions at once... It seems like they're abusing the Wells process as a scare tactic now.”