• Robinhood says the SEC has concluded its regulatory investigation into Robinhood Crypto.
• The SEC issued a Wells Discover to Robinhood Crypto in Could 2024.
• The SEC closure of the Robinhood Crypto investigation comes simply days after the company closed the same investigation into Opensea.

The Securities and Alternate Fee has suspended its investigation into Robinhood’s digital belongings division.

Robinhood introduced in a weblog publish on Monday, February twenty fourth that the SEC has closed its enforcement motion investigation in opposition to the corporate.

“We’re happy to announce that we’re dedicated to offering a variety of companies and companies to our prospects,” mentioned Dan Gallagher, Chief Authorized Officer at Robin Hood Market.

The SEC’s choice to shut the Robinhood investigation mentioned regulators have terminated the probe if one other platform happens a number of days later.

Robinhood and Opensea obtained a “Wells Notification” from the SEC in 2024.

Final week, Crypto Alternate Coinbase introduced that regulators had agreed to dismiss the 2023 US-based lawsuit.

SEC closes the Robin Hood Probe

In a weblog publish Monday, Robinhood mentioned it obtained communications from the SEC govt on Friday, February twenty first.

The letter detailed the company’s choice to shut the investigation into the Robin Hood Cryptography with out additional motion. Wells of the SEC will notify you of any claims of potential securities legislation violations by the buying and selling platform.

Nonetheless, Robinhood claimed it didn’t violate securities legal guidelines and didn’t present securities to its customers.

“This investigation ought to by no means have been opened,” Gallagher added. “Robinhood Crypto at all times respects, at all times respects federal securities legal guidelines and doesn’t permit securities to be traded. As defined to the SEC, the lawsuit in opposition to Robinhood Crypto would have failed. Thanks for the formal closure of this investigation. And I am happy to see my dedication to equity within the SEC again to the rule of legislation.”

Sechas has taken a extra pro-cryptic innovation stance for the reason that exit of former chairman Gary Gensler. President Donald Trump’s appointment of pro-cryptic people to authorities positions helped with this shift, together with the institution of a cryptographic activity pressure by enjoying Chair Mark Weda.