The CEO of trading giant Robinhood is hitting back at the US Securities and Exchange Commission (SEC) after receiving Wells’ message from the regulator.
Robinhood head Vlad Tenev went to X today to denounce the SEC’s planned action against Robinhood Crypto.
“Over the past three years, we have reached a state of scrutiny that is harmful to American businesses and consumers.
The SEC’s continued attack on cryptocurrencies, coupled with recent regulatory proposals such as those related to predictive data analytics, mark yet another inappropriate attempt by the administrative state to stifle innovation.”
Furthermore, Tenev say that Robinhood will fight the charges in court if push comes to shove.
“While we strive to maintain positive and productive relationships with our regulators, if necessary, we will use our resources to litigate this matter in court, with the intent to both defend our crypto business and provide regulatory clarity create in the United States for the benefit of our customers.”
The regulator recently informed Robinhood Crypto that the regulator will soon take legal action against the trading platform.
According to an 8-K filing filed this weekend, Robinhood’s crypto trading arm, Robinhood Crypto, recently received a Wells Notice, a warning from the SEC that it plans to take legal action against a company.
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Featured image: Shutterstock/prodigital art