<\/p>\n
US regulators continue to wage war on crypto as the brokerage firm says, \u201cRobinhood Crypto is here to stay.\u201d<\/p>\n
The SEC continues its regulatory blitz against crypto, this time targeting traditional finance firm Robinhood with a Wells Notice filed on May 4.<\/p>\n
A Wells notice is a warning the SEC sends firms stating the agency is preparing to bring an enforcement action against them. Robinhood received its notice for allegedly offering unregistered securities on its platform, an offense that also has Coinbase<\/a>, Binance, and other exchanges in the agency\u2019s crosshairs.<\/p>\n The company\u2019s stock, HOOD, saw a slight drop in pre-market trading but has since recovered, changing hands for $18.<\/p>\n Robinhood posted a reply<\/a> early Monday morning, stating, \u201cAfter years of good faith attempts to work with the SEC for regulatory clarity, including our well-known attempt to \u2018come in and register,\u2019 we are disappointed that the agency has decided to issue a Wells Notice related to our U.S. crypto business,\u201d said Dan Gallagher, Chief Legal, Compliance and Corporate Affairs Officer at Robinhood Markets.<\/p>\n According to the firm, Robinhood\u2019s crypto arm has \u201cmade difficult choices not to list certain tokens or provide products, such as lending and staking<\/a>,\u201d and that the company had \u201cheeded the SEC\u2019s calls attempting to register a special broker-dealer with the agency.<\/p>\n The SEC and its chairman, Gary Gensler<\/a>, have been relentless in their crackdown on crypto.<\/p>\n Last year saw the agency slap protocols, projects, and people with regulatory action. Dozens of cryptocurrencies were named securities \u2013 leading Robinhood to end support for Cardano<\/a>, Polygon<\/a>, and Solana<\/a> \u2013 and big-name companies like Binance were sued, with the company forced to pay<\/a> a $4.3 billion fine for violating anti-money laundering laws.<\/p>\n Individuals leading companies also felt the brunt of the agency\u2019s wrath, including Binance founder Changpeng Zhao, who recently received a four-month<\/a> prison sentence for breaking the Bank Secrecy Act.<\/p>\n Coinbase, the leading U.S.-based crypto exchange, was also sued<\/a> for unregistered securities offerings, but the company is fighting back, suing the SEC<\/a> in a bid for regulatory clarity. One of its main competitors, Kraken, is also in a legal tussle<\/a> with the agency over the same alleged offense.<\/p>\n Despite the notice, the company is not deterred from continuing its crypto business.<\/p>\n \u201cRobinhood Crypto is here to stay and we\u2019ll keep innovating, shipping products, and fighting for regulatory clarity for the good of the industry and our customers,\u201d read their statement.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" US regulators continue to wage war on crypto as the brokerage firm says, \u201cRobinhood Crypto is here to stay.\u201d The SEC continues its regulatory blitz against crypto, this time targeting traditional finance firm Robinhood with a Wells Notice filed on May 4. A Wells notice is a warning the SEC sends firms stating the agency […]<\/p>\n","protected":false},"author":2,"featured_media":296628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-296626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/296626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=296626"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/296626\/revisions"}],"predecessor-version":[{"id":296629,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/296626\/revisions\/296629"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/296628"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=296626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=296626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=296626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}War on Crypto<\/h2>\n