in its recent 10-K filing that it received an investigative subpoena from the Securities and Exchange Commission in December 2022.
The subpoena requested information on Robinhood's cryptocurrency listings, custody of cryptocurrencies, and platform operations. The subpoena comes after a turbulent year in the cryptocurrency market, with several major trading venues and lending platforms filing for bankruptcy, including FTX and Three Arrows Capital. Robinhood's stock price was also impacted in November 2022, falling by 18% on the day that FTX halted all non-fiat customer withdrawals from its platform.
Robinhood's policies and procedures are designed to assess the likelihood that a particular cryptocurrency could be deemed a security under applicable laws. However, the company has stated that these assessments are not definitive legal determinations, leaving the company vulnerable to legal or regulatory action if a cryptocurrency supported by its platform is determined to be a security under U.S. law.
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