• Robinhood Lawyer Basic Dan Gallagher assessed Congress’ present place.
• In the intervening time, the change solely helps 18 cryptocurrencies.

Following the SEC assaults on Binance and Coinbase, no-listing-fee funding platform Robinhood is evaluating its cryptocurrency merchandise.

On Tuesday, June 6, Robinhood’s normal counsel, Dan Gallagher, assessed Congress’ present place. Gallagher, former SEC Commissioner and up to date witness earlier than the Home Agriculture Committee on digital belongings, is an professional within the discipline.

SEC Evaluation Assessment

Gallagher mentioned brokerages are “actively reviewing” the regulator’s evaluation and “deciding, if any, what motion to take.” Robinhood has fewer cryptocurrency choices than different exchanges. Robinhood presently helps solely 18 cryptocurrencies whereas Coinbase helps tons of of cryptocurrencies.

Moreover, Solana, Cardano, and Polygon are only a few of the tokens out there on Robinhood which are thought-about unregistered securities by the SEC.

The SEC has requested the courtroom to freeze the belongings of Binance.US in its newest petition. The SEC has warned that $2.2 billion in US shopper funds on Binance.US is susceptible. “Zhao and Binance have reportedly had billions of {dollars} value of shopper belongings at their disposal,” the SEC mentioned.

SEC attorneys acted shortly. They filed a petition in courtroom ordering the repatriation and freezing of US shopper belongings. Issues that funds could circulate in a foreign country. That is performed to stop fraudulent transactions involving Zhao or Binance.

Binance and Zhao have been sued by the Securities and Change Fee (SEC) for allegedly promoting unregistered securities and misappropriating investor funds. The end result of this lawsuit can have a major affect on the long run course of the whole cryptocurrency sector.

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