• Robinhood is reassessing its cryptocurrency companies following current SEC motion.
• The SEC has recognized sure cryptocurrencies comparable to Solana, Cardano and Polygon listed on Robinhood as unregistered securities.
• This improvement is per ongoing debates on cryptocurrency regulation, together with current parliamentary deliberations on the invoice.

Following current actions by the U.S. Securities and Change Fee (SEC), Robinhood Markets is reassessing its cryptocurrency providing. Robinhood’s normal counsel and former SEC commissioner, Dan Gallagher, briefed Congress on the evaluation throughout a convention targeted on digital property.

To keep away from battle with the SEC, Robinhood is reportedly contemplating delisting sure cryptocurrencies comparable to Solana, Cardano and Polygon. It is considered one of 18 cryptocurrencies at present listed on Robinhood, however there are a whole bunch on Coinbase. They’ve been recognized by the SEC as unregistered securities and will have authorized repercussions.

The platform solely helps a restricted variety of 18 cryptocurrencies in comparison with Coinbase’s a whole bunch of cryptocurrencies, so the potential delisting of those widespread cryptocurrencies could have a big influence on Robinhood customers. could give. This record at present contains Cardano, Solana and Polygon, all of which have been added to Robinhood inside a yr as a part of the platform’s enlargement of cryptocurrency companies.

If the lawsuit is profitable and it’s decided that these cryptocurrencies are securities that aren’t correctly registered, Robinhood could also be required to delist these cryptocurrencies to adjust to U.S. securities legal guidelines. There may be

The most recent improvement additionally revealed that Coinbase and the Commodity Futures Buying and selling Fee (CFTC) testified earlier than Congress on June 6 to debate the cryptocurrency invoice. The invoice goals to set a transparent line between when digital currencies needs to be handled as securities or commodities and once they shouldn’t be regulated.

Coinbase Chief Authorized Officer Paul Grewal expressed his assist for the invoice and urged regulators to behave rapidly to make sure a transparent path for cryptocurrency innovation. CFTC Chairman Rostin Behnham additionally shared his views on the invoice introduced on June 2.

The fee additionally filed a lawsuit towards Binance, one of many world’s largest cryptocurrency exchanges. The lawsuit alleges that Binance founder Zhao Changpeng controls the corporate’s U.S. operations, opposite to the corporate’s official claims.