The best securities ruler in the United States drops its research into the leading retail trade app Robinhood.
According to a new announcement of Robinhood, the US Securities and Exchange Commission (SEC) will drop its research into the trade app less than a year after sending a wells knowledge.
The SEC sent Robinhood a Wells knowledge, a formal warning of research, in May last year, despite Robinhood CEO Vlad Teev’s claims that the company met the regulator more than 15 times “in good faith”.
“We have tried to create what is called the Special Purpose Broker dealer to handle crypto-assets. We have actually come in good faith to meet the SEC. I think we met them 16 times and unfortunately that was not answered. “
Now that the indictment has fallen, Robinhood is calling for the SEC to regulate with regulations as opposed to enforcement actions.
Says Gallagher, Chief Legal, Compliance and Corporate Affairs Officer of Robinhood, about the decision of the SEC to drop charges,
“We welcome the decision of the staff to close this investigation without action.
Let me be crystal clear – this investigation had never opened. Robinhood Crypto has and will always respect the federal securities laws and have never allowed transactions in effects. As we explained to the SEC, every case against Robinhood Crypto would have failed. We appreciate the formal closure of this research and we are happy to see a return to the rule of law and dedication to fairness at the SEC. “
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