Robin announced that the SEC had abandoned its investigation into Robinhood Crypto and does not intend to “progress with an action in application”. (Robinhood Markets Inc. is the parent company of Sherwood Media, a media company operated independent.) This decision comes a few days after the SEC abandoned its file against JammingThe largest American crypto platform.
This last development highlights a major change in relation to the “regulation by application” approach that the former administration (and the former president of the SEC, Gary Gensler), adopted with the cryptography industry. Earlier this month, the current head of the dry crypto working group, Hester Peirce, wrote on the “Road Trip Crypto” that the agency has undertaken, and followed it on February 21 with a post compare the regulatory environment spent in a escape room and that it was now “time to help open the door”.
In the announcement, Dan Gallagher, head of compliance, compliance and affairs of the Robinhood markets, said:
“We applaud the personnel decision to close this investigation without any action. Let me be clear – this investigation should never have been opened. Robinhood Crypto has always and will always respect the federal laws on securities and has never authorized transactions in titles. »»
Last May, the SEC sent the company an opinion from Wells, which is “a notification of a regulator according to which it intends to recommend that the application procedure is initiated against the intimate potential”, as explained by the law of the dry.
The company said at the time that it had received assignments concerning its crypto lists, crypto care and platform operations, according to regulatory deposits.
For Patrick Gerhart, president of Telcoin banking operations, it was a case to go beyond the dry in the cryptography sector.
“The dry that ends the report on Robinhood has been expected for a long time,” he said. “I hope that the SEC will now focus on clear and concise regulatory information for industry. Bringing more transparency to the kingdom of cryptography. We are more than ready to work with hand regulators in hand to move forward. »»
Yaël Bizouati-Kennedy is a written financial journalist for Dow Jones, the Financial Times Group and Business Insider.
