Daniel from Improve Press
Robinhood Markets (Nasdaq: HOOD) is cautious after the US securities regulator’s lawsuit towards Binance and Coinbase, as it’s trying into its cryptocurrency choices, the dealer’s authorized chief, Dan Gallagher, confirmed to the US Congress yesterday (Tuesday).
In response to a Bloomberg report, the American brokerage is “actively reviewing” the regulator’s evaluation “to find out what, if any, actions to take.”
Robinhood, identified for providing commission-free inventory buying and selling companies, additionally affords cryptocurrency buying and selling. Nonetheless, in comparison with mammoths like Binance, Coinbase, and different crypto exchanges, it solely lists about 18 cryptocurrencies, together with Solana, Cardano, and Polygon, now deemed unregistered securities.
In its lawsuit towards Binance, its US associates and Changpeng Zhao, the Securities and Trade Fee labeled Binance Coin, the trade native token, and Binance USD, a stablecoin, unregistered securities. Moreover, it additionally categorized ten different digital currencies as unregistered securities, which Binance is providing.
These cryptocurrencies are Solana’s SOL, Cardano’s ADA, Polygon’s MATIC, Filecoin’s FIL, Cosmos’ ATOM, Sandbox’s SAND, Decentraland’s MANA, Algorand’s ALGO, Axie Infinity’s AXS, and Coti’s COTI tokens. With this, the SEC is now categorizing 61 cryptocurrencies in whole as unregistered securities.
Delisting Forward?
The SEC can be engaged in a prolonged authorized battle with blockchain firm Ripple to determine the standing of XRP, which the regulator alleged to be unregistered securities. On the time of that lawsuit, a number of US-focused crypto buying and selling platforms delisted XRP.
Though Robinhood didn’t specify if it should take any motion, it should almost certainly delist the cryptocurrencies the SEC categorized as unregistered securities to keep away from adverse regulatory stress.
BREAKING: Robinhood to delist tokens named within the SEC lawsuit towards Binance and Coinbase. This contains Solana, Polygon and Cardano.@xerocooleth@notthreadguy@3orovik@Fityeth@leap_xyz
— Uncle Chad / GIGACHAD2021 (@GIGACHAD2021) June 7, 2023
The California-based dealer acquired an investigative subpoena final December from the US securities regulator with inquiries round cryptocurrency listings. The subpoena additional sought details about the custody of cryptocurrencies and platform operations.
“We acquired an investigative subpoena from the SEC relating to, amongst different matters, RHC’s cryptocurrency listings, custody of cryptocurrencies, and platform operations,” a regulatory submitting of the trade acknowledged.
Robinhood Markets (Nasdaq: HOOD) is cautious after the US securities regulator’s lawsuit towards Binance and Coinbase, as it’s trying into its cryptocurrency choices, the dealer’s authorized chief, Dan Gallagher, confirmed to the US Congress yesterday (Tuesday).
In response to a Bloomberg report, the American brokerage is “actively reviewing” the regulator’s evaluation “to find out what, if any, actions to take.”
Robinhood, identified for providing commission-free inventory buying and selling companies, additionally affords cryptocurrency buying and selling. Nonetheless, in comparison with mammoths like Binance, Coinbase, and different crypto exchanges, it solely lists about 18 cryptocurrencies, together with Solana, Cardano, and Polygon, now deemed unregistered securities.
In its lawsuit towards Binance, its US associates and Changpeng Zhao, the Securities and Trade Fee labeled Binance Coin, the trade native token, and Binance USD, a stablecoin, unregistered securities. Moreover, it additionally categorized ten different digital currencies as unregistered securities, which Binance is providing.
These cryptocurrencies are Solana’s SOL, Cardano’s ADA, Polygon’s MATIC, Filecoin’s FIL, Cosmos’ ATOM, Sandbox’s SAND, Decentraland’s MANA, Algorand’s ALGO, Axie Infinity’s AXS, and Coti’s COTI tokens. With this, the SEC is now categorizing 61 cryptocurrencies in whole as unregistered securities.
Delisting Forward?
The SEC can be engaged in a prolonged authorized battle with blockchain firm Ripple to determine the standing of XRP, which the regulator alleged to be unregistered securities. On the time of that lawsuit, a number of US-focused crypto buying and selling platforms delisted XRP.
Though Robinhood didn’t specify if it should take any motion, it should almost certainly delist the cryptocurrencies the SEC categorized as unregistered securities to keep away from adverse regulatory stress.
BREAKING: Robinhood to delist tokens named within the SEC lawsuit towards Binance and Coinbase. This contains Solana, Polygon and Cardano.@xerocooleth@notthreadguy@3orovik@Fityeth@leap_xyz
— Uncle Chad / GIGACHAD2021 (@GIGACHAD2021) June 7, 2023
The California-based dealer acquired an investigative subpoena final December from the US securities regulator with inquiries round cryptocurrency listings. The subpoena additional sought details about the custody of cryptocurrencies and platform operations.
“We acquired an investigative subpoena from the SEC relating to, amongst different matters, RHC’s cryptocurrency listings, custody of cryptocurrencies, and platform operations,” a regulatory submitting of the trade acknowledged.
