Retail trading giant Robinhood is reportedly reviewing its crypto offerings after the US Securities and Exchange Commission (SEC) filed lawsuits against Binance and Coinbase this week.
According to a new Bloomberg report, Robinhood’s legal chief Dan Gallagher says the company is reviewing SEC legal documents and deciding whether to change the platform’s crypto trading services.
Gallagher made the remarks to the US Congress before the House Agriculture Committee at a digital asset meeting. According to the report, Gallagher says Robinhood is “actively reviewing” the SEC’s analysis to determine what, if any, actions need to be taken.
Robinhood clients can trade 18 different tokens, including Solana (SOL), Cardano (ADA), and Polygon (MATIC), which the SEC deemed unregistered securities in the lawsuits against the two major crypto exchanges.
The SEC on Tuesday sued major US crypto exchange Coinbase for “acting as an unregistered stock exchange, broker and clearing house” and also for “failing to register the offering and sale of its crypto-asset-staking-as-a service program.”
A day earlier, the SEC filed a lawsuit against Binance alleging violations of securities laws and other allegations.
Robinhood has announced several efforts this year to make progress in the crypto space.
The trading giant recently launched a new crypto wallet on Apple’s mobile operating system, with support for altcoins such as Shiba Inu (SHIB), Polygon, and Ethereum (ETH).
In April, Robinhood announced Robinhood Connect, a crypto-on-ramp that allows users to access and fund their Web3 wallets without leaving decentralized applications (DApps) or logging into their accounts.
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Featured image: Shutterstock/Tithi Luadthong