US SEC Closes Case In opposition to Robinhood With No Motion

In an enormous improvement for the crypto trade, the US Securities and Trade Fee (SEC) has dropped its case towards the Robinhood trade with none additional motion. This comes simply days after the US SEC agreed to drop the Coinbase lawsuit.

US SEC Drops Robinhood Case With No Motion

In a press launch, Robinhood introduced that the US SEC’s Enforcement Division has closed its investigation and won’t pursue an enforcement motion. This marks an finish to the Robinhood case, which started final yr when the prime crypto trade obtained a Wells Discover from the regulator.

The Enforcement Division knowledgeable the trade in a letter that it had concluded its investigation and didn’t intend to maneuver ahead with an enforcement motion.

Commenting on this improvement, Robinhood’s Chief Authorized, Compliance and Company Affairs Officer, Dan Gallagher mentioned,

We applaud the workers’s choice to shut this investigation with no motion. Let me be crystal clear—this investigation by no means ought to have been opened. Robinhood Crypto all the time has and can all the time respect federal securities legal guidelines and by no means allowed transactions in securities. As we defined to the SEC, any case towards Robinhood Crypto would have failed. We admire the formal closing of this investigation, and we’re completely satisfied to see a return to the rule of legislation and dedication to equity on the SEC.”