In a massive development for the crypto industry, the US Securities and Exchange Commission (SEC) has dropped its case against the Robinhood exchange without any further action. This comes just days after the US SEC agreed to drop the Coinbase lawsuit.
US SEC Drops Robinhood Case With No Action
In a press release, Robinhood announced that the US SEC’s Enforcement Division has closed its investigation and will not pursue an enforcement action. This marks an end to the Robinhood case, which began last year when the top crypto exchange received a Wells Notice from the regulator.
The Enforcement Division informed the exchange in a letter that it had concluded its investigation and did not intend to move forward with an enforcement action.
Commenting on this development, Robinhood’s Chief Legal, Compliance and Corporate Affairs Officer, Dan Gallagher said,
We applaud the staff’s decision to close this investigation with no action. Let me be crystal clear—this investigation never should have been opened. Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities. As we explained to the SEC, any case against Robinhood Crypto would have failed. We appreciate the formal closing of this investigation, and we are happy to see a return to the rule of law and commitment to fairness at the SEC.”
This development comes just days after the US SEC agreed to drop the Coinbase lawsuit, subject to the Commissioners’ approval. Meanwhile, the Commission, under acting Chair Mark Uyeda, continues to adopt a more friendly approach to the crypto industry while dropping Gary Gensler’s regulation by enforcement approach in the process.
The post Breaking: US SEC Closes Robinhood Case With No Action appeared first on CoinGape.
