- The company’s legal director is scrutinizing the SEC lawsuits
- They may change their list of supported coins
Robinhood will review its cryptocurrency services after the SEC’s hunt for Coinbase and Binance begins. Dan Gallagher, the company’s legal director, made the announcement as he spoke at yesterday’s House Agriculture Committee meeting.</nbsp;
When U.S. officials from various agencies gathered to talk about the blockchain industry. Yesterday, Gary Gensler made the scandalous claim that the U.S. doesn’t need digital currencies because the dollar and euro are already available electronically.
Fortunately, besides Gary Gensler and the SEC, there are other authorities in the country who are actively discussing the crypto industry.
In his speech to the House of Representatives, Dan Gallagher said the following:
“The company is now actively reviewing SEC documents to determine what action to take.”
In the lawsuit against Coinbase and Binance, the regulator called several tokenized securities.
The Robinhood platform offers users not many cryptoassets – only 18 coins. By comparison, Coinbase and Binance have more than a few hundred. But some tokens that are on Robinhood are classified by the SEC as unregistered securities. They are Solana, Cardano and Polygon coins.
In the first quarter, Robinhood raised $38 million in revenue from crypto transactions. A reduction in the number of supported cryptocurrencies could affect the volume of such transfers.