Robinhood stated on Monday the U.S. Securities and Trade Fee had closed its probe into the agency’s crypto buying and selling arm with no motion, signaling additional regulatory modifications within the crypto trade since President Donald Trump took workplace.
The retail buying and selling platform’s shares had been up 3.3% in premarket hours.
Robinhood had obtained a so-called ‘Wells discover’ in Could final 12 months, which is issued when the SEC is planning to carry enforcement motion towards an organization, over crypto tokens traded on its platform.
Associated: Robinhood to Pay $45 Million to Settle SEC Charges | SEC Warns Robinhood That Its Crypto Business Faces Lawsuit
Nevertheless, the SEC has moved to ease its crypto-related rules beneath Trump’s management. It has established a activity drive to deal with clarifying the regulatory framework round crypto property and rescinded key accounting steering.
These overhauls come forward of the arrival of Paul Atkins, Trump’s choose for the SEC chair, whom crypto trade executives see as a pleasant choose.
“We applaud the employees’s determination to shut this investigation with no motion,” stated Dan Gallagher, Chief Authorized, Compliance and Company Affairs Officer at Robinhood Markets, in a weblog publish.
The SEC didn’t instantly reply to Reuters’ request for remark.
The SEC dropped a lawsuit against crypto firm Coinbase last week, ending a contentious, years-long authorized battle that was as soon as thought of existential for the buying and selling platform.
Robinhood earlier this month beat fourth-quarter revenue estimates, helped by a surge in fairness, possibility and crypto buying and selling on its platform following Trump’s return to the White Home.
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