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US cryptocurrency and stock company Robinhood said it remains in active discussions with the US Securities and Exchange Commission (SEC) following a warning from the financial regulator earlier this year.
CEO Vlad Tenev announced that the company has officially responded to a Wells notice issued by the SEC indicating potential enforcement action regarding Robinhood's cryptocurrency operations.
In an interview on Bloomberg Television, Tenev said the company is committed to addressing the SEC's concerns. “We spent a lot of time making sure the response was as high quality as possible,” he said. However, Tenev did not provide further details about the content of the response or the next steps in the regulatory process.
In June 2023, Robinhood delisted Cardano, Polygon, and Solana tokens, which the SEC called unregistered securities in lawsuits against Coinbase and Binance.
Robinhood first announced in December 2022 that there was an SEC investigation into its crypto business.
*This is not investment advice.