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SEC Drops Robinhood Crypto Investigation

The regulator initiated 125 cryptocurrency-related enforcement actions totaling more than $6 billion in penalties under former Chairman Gary Gensler. U.S. Regulator Abandons Robinhood Crypto Probe Robinhood Crypto (RHC), a division of financial services firm Robinhood, announced on Monday that the U.S. Securities and Exchanges Commission (SEC) has shut down a securities violation investigation it was Bitcoin.com

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SEC Shuts Down Robinhood Investigation Without Pursuing Enforcement Action

The top securities regulator in the United States is dropping its investigations into leading retail trading app Robinhood. According to a new announcement from Robinhood, the U.S. Securities and Exchange Commission (SEC) is dropping its investigation into the trading app less than a year after sending the firm a Wells Notice. The SEC sent Robinhood a Wells Notice , a formal warning of investigation, in May of last year despite Robinhood CEO Vlad Tenev’s claims that the firm met with the regulator over 15 times “in good faith”. “We tried to create what’s called the special purpose broker-dealer for the purpose of transacting crypto assets. We actually came in good faith to meet with the SEC. I think we met with them 16 times and, unfortunately, that was not reciprocated.” Now, with the charges dropped, Robinhood calls for the SEC to regulate with regulations as opposed to enforcement actions. Says Dan Gallagher, Robinhood’s chief legal, compliance and corporate affairs officer, on the SEC’s decision to drop charges, “We applaud the staff’s decision to close this investigation with no action. Let me be crystal clear—this investigation never should have been opened. Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities. As we explained to the SEC, any case against Robinhood Crypto would have failed. We appreciate the formal closing of this investigation, and we are happy to see a return to the rule of law and commitment to fairness at the SEC.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post SEC Shuts Down Robinhood Investigation Without Pursuing Enforcement Action appeared first on The Daily Hodl . Bitcoin.com