Robin said a regulatory probe of his cryptocurrency unit ended without incident.
THE Commission of securities (SECOND) last year published a Well opinion Against the financial services platform, generally considered to be a warning of pending application measures.
However, Robinhood said In a Monday (February 24) press release that He received a letter from the SEC by informing the company that the Commission concluded its investigation and did not intend to follow the implementing measures.
“We applaud the personnel decision to close this investigation without any action,” said Robinhood’s legal director Dan Gallagher said in the press release. “Let me be clear. This investigation should never have been opened. Robinhood Crypto has always and will always respect the federal laws on securities and has never authorized transactions in titles. As we explained to the dry, any case against Robinhood Crypto would have failed. »»
Reached by Pymnts, a SEC spokesperson refused to comment.
Robinhood’s announcement came a few days after another crypto company, Jammingsaid the dry was settled To reject his trial against the company.
“It would be a complete dismissal, with $ 0 in paid fines and zero modification to our company,” said the CEO Brian Armstrong written in an article on the social platform X.
SEC continued Coinbase in June 2023, accusing the company of raping Securities laws And argue that the activities of Coinbase “intertwine the traditional services of an exchange, a broker and a compensation agency” without registering these functions with the SEC, as required by the law.
It was part of a continuous repression of the SEC on cryptographic societies as part of the administration of President Joe Biden. With President Donald Trump Administration in chargeHoweverAttitudes towards crypto seem to change.
For example, dry last week announced that it was replacement Its cryptographic active ingredients and cyber with a smaller group called the Cyber and Emerging Technologies unit.
Robinhood was penalized dry In January, although this measure arrived in the last days of the Biden administration.
The SEC said that two Robinhood brokers agreed to pay $ 45 million in combined civil sanctions to settle the accusations that they did not adhere to a “wide range” of regulatory requirements.