SEC dropped Robinhood examinations, did not take any measures

The US Securities and Exchange Commission (SEC) has completed its Robinhood examination without taking a asset measure.

On February 21, the enforcement department of the SEC Robinhood announced that it had completed its investigation, which began when the stock exchange received a fountain announcement in May 2024.

“On May 4, 2024, RHC (Robinhood Crypto) received a” fountain announcement “from the employees of the SEC (the” employee “) that the Personal RHC advised that it made a” preliminary decision “to recommend the second to recommend the SEC to recommend the SEC present a enforcement measure against RHC, the violations of sections 15 (A) and 17A of the Submit securities Exchange Act from 1934 in the changed version.

A wells announcement is usually sent before the start of a formal lawsuit. Coinbase, Uniswap Labs, Ripple, Consensys and Busd issuers Paxos are on the list of crypto companies that have received such communications.

Dan Gallagher, Chief Legal, Compliance and Corporate Affairs Officer at Robinhood, praised the recent decision of the Sec. “We welcome the personnel's decision to close this investigation without measures,” said Gallagher.

“Let me be crystal clear – this examination should never have been opened. Robinhood crypto has and will always respect the federal securities laws and never allow transactions in securities. As we explained the SEC, everyone would have failed against Robinhood Crypto. We appreciate the formal closure of this investigation and are pleased that we see a return to the rule of law and the commitment to fairness at SEC. “

Robinhood has long since withdrawn against the argument that transactions that affect most digital assets fall under the federal securities laws and intentionally avoided products that the Sec had viewed for securities.

“Instead of regulation through enforcement, it is time for the Sec to turn to regulation through regulation – the market participants with clarity and an appropriate regulatory framework for digital assets,” said Robinhood.

The withdrawal of the SEC comes when the supervisory authority also announced that it closes its investigation into Openea and that her lawsuit is against coin base.

SEC concludes OpenSea examination, lets the lawsuit against the coin base.

The SEC closes its OpenSea probe and drops your coinbase lawsuit. Devin Finzer, CEO of OpenSea, calls it a victory, while Coinbase Clo Paul Grewal quotes a shift in leadership in the agency

Devin Finzer, founder and CEO of OpenSea, made the announcement to X and described it as a “profit” and the first attempt by the regulatory authority to classify NFTs as securities “one step backwards – one who misinterprets the law and Innovation slows down “.

In the meantime, the Chief Legal Officer from Coinbase, Paul Grewal, said that the SEC had “basically” agreed to dismiss the lawsuit that accused the exchange not to register as a securities platform. The SEC will eventually submit this week to the dismissal of the lawsuit.