SEC Gives Robinhood Crypto A Wells Notice
MetaMask Launches 'Smart Transactions' For Ethereum, Exodus To Debut Tokenized Shares On NYSE
On May 4th, the SEC has issued a Wells Notice to Robinhood Crypto, a subsidiary of Robinhood Markets, Inc.
The SEC alleges that Robinhood had violated a securities law, quoting "preliminary determination", and recommends enforcement action.
Similar to other ongoing SEC v crypto exchange/platform cases, this concerns Robinhood allegedly dealing with securities without a broker registration.
Chief legal officer at Robinhood, Dan Gallagher, said that the company strongly believes the listed assets are not securities.
Robinhood has previously tried to register as a broker-dealer but was not successful.
The first investigation into Robinhood's crypto operations by the SEC was disclosed in 2022.
A series of token delistings by Robinhood last year (ADA, MATIC, SOL) hasn't stopped the SEC from going after it, accusing of unregistered securities trading.
The SEC's action has caused Robinhood shares to fall around 2.5% in pre-market trading.
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