The highest securities regulator in america is dropping its investigations into main retail buying and selling app Robinhood.
In line with a brand new announcement from Robinhood, the U.S. Securities and Alternate Fee (SEC) is dropping its investigation into the buying and selling app lower than a 12 months after sending the agency a Wells Discover.
The SEC despatched Robinhood a Wells Notice, a proper warning of investigation, in Could of final 12 months regardless of Robinhood CEO Vlad Tenev’s claims that the agency met with the regulator over 15 instances “in good religion”.
“We tried to create what’s known as the particular objective broker-dealer for the aim of transacting crypto property. We really got here in good religion to fulfill with the SEC. I believe we met with them 16 instances and, sadly, that was not reciprocated.”
Now, with the fees dropped, Robinhood requires the SEC to control with rules 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 employees’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 happy to see a return to the rule of legislation and dedication to equity on the SEC.”
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