The SEC is dropping an investigation into Robinhood

In another sign that the Trump administration can be friendlier towards the cryptocurrency trade, the Securities and Trade Fee is dropping an investigation into Robinhood. The company has knowledgeable the corporate that it gained’t transfer ahead with any enforcement motion, Robinhood .

In Could final 12 months, Robinhood a Wells Discover from the SEC indicating that the company’s employees was going to advocate enforcement motion in opposition to it. The corporate had confronted potential expenses of violating securities regulation via its crypto listings and gross sales. Underneath the Biden administration, there was some momentum for cryptocurrency to be thought-about and controlled as securities; Trump’s coverage objectives appear to sign the other.

“Robinhood Crypto all the time has and can all the time respect federal securities legal guidelines and by no means allowed transactions in securities,” Dan Gallagher, Robinhood’s chief authorized, compliance and company affairs officer, . “As we defined to the SEC, any case in opposition to Robinhood Crypto would have failed. We admire the formal closing of this investigation, and we’re pleased to see a return to the rule of regulation and dedication to equity on the SEC.”

Robinhood added that it was wanting ahead to working with the SEC to develop a clearer and extra “tailor-made” regulatory framework for digital property. The corporate in 2022, however it has confronted regulatory hassle. New York officers handed the crypto facet of Robinhood’s enterprise and in 2024, the corporate with California over crypto withdrawal claims. In the meantime, simply final month, Robinhood agreed to pay $45 million to associated to report maintaining, commerce reporting and different alleged rule violations.

Final week, Coinbase stated the SEC was . In a lawsuit through the Biden administration, the company had accused that firm of operating an unregistered securities alternate.

This text initially appeared on Engadget at https://www.engadget.com/big-tech/the-sec-is-dropping-an-investigation-into-robinhood-160629179.html?src=rss

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