coinspress.com
The SEC has decided to end its investigation into Robinhood, marking a significant resolution for the popular trading platform.
This follows a similar move made just days earlier with Coinbase, suggesting a shift in regulatory tone.
Robinhood confirmed that the SEC’s Enforcement Division had officially closed its probe into the company, announcing that no enforcement action would be taken. The investigation, which began with a Wells Notice last year, has now concluded without further consequence for the exchange.
Robinhood’s Chief Legal Officer, Dan Gallagher, expressed strong approval of the decision, criticizing the initiation of the investigation. Gallagher reiterated that Robinhood has always complied with federal laws and has never engaged in securities transactions. He welcomed the closure, highlighting that any potential case against Robinhood would have ultimately failed.
READ MORE: SEC Set to Dismiss Coinbase Lawsuit, Marking a Major Shift in Crypto Regulation
This development marks a broader trend of the SEC reassessing its approach to the crypto sector. Under Acting Chair Mark Uyeda, the SEC seems to be pivoting from the more aggressive, enforcement-driven tactics previously championed by Gary Gensler. In light of these recent actions, Robinhood has expressed its desire to engage with the SEC constructively, advocating for clearer regulations for the digital asset industry.
The closure of Robinhood’s case has also prompted speculation about the future of the SEC’s legal battles with other crypto entities, including the ongoing case with Ripple. Legal experts suggest that the SEC could soon alter its stance in that case, potentially leading to a resolution sooner than expected.