The Securities and Exchange Commission (SEC) has concluded its investigation into Robinhood's cryptocurrency division without taking action against the company, an online brokerage company. It was announced on Monday.
Robinhood Crypto received a notification from the SEC last May, indicating that the agency is preparing to file enforcement action.
“We commend the staff's decision to close this investigation without conducting this investigation,” said Dan Gallagher, Robinhood's Chief Law, Compliance and Corporate Affairs Officer, in a statement.
“Let's be clear about me. This investigation should never have been opened,” Gallagher, a former SEC committee member for George W. Bush Administrator. “Robinhood Crypto always respects, always respects federal securities laws and does not allow securities to be traded.”
Gallagher touted him as “a commitment to return to the rule of law and fairness in the SEC.”
The agency has pulled back enforcement on crypto companies as President Trump took office last month and tapped Republican SEC member Mark Weda to take over as proxy chairman.
Crypto Exchange Coinbase announced on Friday that the SEC agreed to dismiss a two-year-old lawsuit against the company. On the same day, Opensea CEO Devin Finzer said at X that the agency also signed a survey of the NFT market.
This change was widely expected given Trump's embrace of the crypto industry. The president has slammed some code-friendly figures to take on a key role in his administration. His procrypt pick, chair of SEC Chairman Paul Atkins, is still waiting for confirmation from the Senate.
During the Biden administration, the crypto industry frequently denounced what is described as a regulatory approach to digital assets by SEC Chairman Gary Gensler, making it clearer that crypto is regulated as security or commodity. I did.
