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The highest securities regulator in america is dropping its investigations into main retail buying and selling app Robinhood.
In response to a brand new announcement from Robinhood, the U.S. Securities and Change Fee (SEC) is dropping its investigation into the buying and selling app lower than a yr after sending the agency a Wells Discover.
The SEC despatched Robinhood a Wells Notice, a proper warning of investigation, in Might of final yr regardless of Robinhood CEO Vlad Tenev’s claims that the agency met with the regulator over 15 occasions “in good religion”.
“We tried to create what’s referred to as the particular function broker-dealer for the aim of transacting crypto belongings. We really got here in good religion to satisfy with the SEC. I believe we met with them 16 occasions and, sadly, that was not reciprocated.”
Now, with the fees dropped, Robinhood requires the SEC to manage with laws versus enforcement actions.
Says Dan Gallagher, Robinhood’s chief authorized, compliance and company affairs officer, on the SEC’s determination to drop expenses,
“We applaud the workers’s determination 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 in opposition to Robinhood Crypto would have failed. We recognize the formal closing of this investigation, and we’re completely satisfied to see a return to the rule of regulation and dedication to equity on the SEC.”
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