SEC Strikes Down on Robinhood Crypto Unit Too
May 6, 2024
Robinhood Markets’ brokerage firm’s crypto unit announced in a statement that on May 4th, it received a Wells Notice from the U.S. Securities and Exchange Commission, indicating that the authority has made a preliminary decision to initiate enforcement proceedings against the crypto division for violating securities laws. However, the company’s legal counsel firmly believes that the crypto assets available on their platform do not qualify as securities under the law.
