Robinhood Hood.o said that the American securities regulator had closed his investigation into the crypto arm of the retail company without any action, because he has been looking to reorganize the police of digital assets since President Donald Trump took his functions.
The American Securities and Exchange committee has decided to facilitate its regulation linked to the cryptocurrency under Trump management. He established a working group to focus on the clarification of the regulatory framework concerning cryptographic assets and canceled a key accounting orientation.
Robinhood in May of last year received a so-called “well opinion”, which is issued when the SEC plans to take application measures against a company, on cryptographic tokens negotiated on its platform.
A SEC spokesperson refused to comment.
Find out more:The SEC withdraws the trial against Coinbase, finishing a legal battle of several years, says the company
Need a break? Play the USA Today Dailyword Puzzle.
“The recent closure of surveys on Robinhood and Coinbase by the SEC is a promising development for cryptographic industry. It suggests a passage to clearer regulatory directives, moving away from the previous approach to the regulations by the application” , said Scott Acheychek, COO of Rex Financial.
“For Robinhood, this development is likely to strengthen investors’ confidence and support its continuous expansion on the cryptography market,” he added.
Robinhood earlier this month beat estimates of the profits of the fourth quarter, helped by an increase in equity, options and exchanges of crypto on his platform after Trump’s return to the White House.
Report by Jaiveer Singh Shekhawat in Bengaluru; Edition by Shreya Biswas
