SEC warns Robinhood that its crypto business faces lawsuit

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On Monday, Robinhood announced that it had received a Wells notice from the SEC's enforcement staff, signaling the agency's initial decision to recommend enforcement action.

The US Securities and Exchange Commission warned Robinhood Markets Inc. that it faces an enforcement action over its crypto business — the latest sign that the regulator isn’t letting up on its years-long crackdown on digital assets. Robinhood, which is best known for stock trading, said on Monday that the SEC’s enforcement staff had sent the firm a Wells notice, indicating that it made an initial determination to recommend enforcement action. The company’s shares rose as much as 2.

Robinhood’s chief legal officer, Dan Gallagher, said in a statement that the firm was disappointed by the move and that company officials “firmly believe that the assets listed on our platform are not securities.” The SEC declined to comment. The SEC under under Chair Gary Gensler has argued that most tokens are subject to SEC rules and that platforms where they trade should be registered with the agency.

 

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