SEC Drops Probe Into Robinhood After Similar Decision on Coinbase

🚨 SEC Blinks: Robinhood and Coinbase Off the Hook! 🚨

Ah, the SEC’s mighty sword of justice has been sheathed, and the crypto world can breathe a collective sigh of relief… or can it? 🤔

It appears that the US Securities and Exchange Commission (SEC) has decided to drop its investigation into Robinhood, just days after doing the same with Coinbase. 📉

Robinhood’s Crypto Unit Gets a Reprieve from the SEC’s Wrath

The SEC’s Enforcement Division informed Robinhood that the investigation into its crypto unit was concluded, and no enforcement action will be taken. This comes after a Wells Notice from the SEC in May 2024, which, might I add, was a thrilling episode in the ongoing saga of crypto regulation. 📚

Robinhood’s Chief Legal Officer, Dan Gallagher, was over the moon with the decision, saying:

“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.”

But, of course, this begs the question: what about all those other poor souls who received a Wells Notice from the SEC in 2024? 🤷‍♂️ Immutable, Uniswap, Crypto.com, and others must be wondering if they’ll be next on the SEC’s “nice” list. 🎅

And let’s not forget Uniswap’s UNI token, which took a bit of a beating after the notice. 📉 Crypto.com, on the other hand, decided to take a swing at the SEC with a lawsuit, but later dropped it after Donald Trump’s election victory. 🤯

But fear not, dear crypto enthusiasts! The SEC, under its new leadership, has vowed to take a more… shall we say, “relaxed” approach to enforcement actions against crypto. 😴 And it seems they’re making good on that promise, having dropped investigations against NFT marketplace Opensea and Coinbase. 🎉

Coinbase CEO Brian Armstrong announced the news with a flourish, saying:

“Great news! After years of litigation, millions of your taxpayer dollars spent, and irreparable harm done to the country, we reached an agreement with SEC staff to dismiss their litigation against Coinbase. Once approved by the Commission (which we’re told to expect next week) this would be a full dismissal, with $0 in fines paid and zero changes to our business.”

So, it seems the SEC is finally getting the memo: crypto is here to stay, and it’s time to stop being the regulatory equivalent of a grumpy old man yelling at kids to get off his lawn. 🙄

But don’t get too comfortable, folks. The SEC can always change its mind… or can it? 😏

2025-02-24 18:01

Robinhood’s Crypto Unit Gets a Reprieve from the SEC’s Wrath

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