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SEC Will Stop Investigation of Ethereum Crypto
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SEC Will Stop Investigation of Ethereum Crypto
Previously, Robinhood, a popular trading platform, had received a Wells notice from the United States Securities and Exchange Commission (SEC), which led to a 2.5% drop in its stock price during pre-market trading.
Wells' notice is an official letter sent by the US securities regulator signaling the conclusion of its investigation, in this case, into US-based crypto business Robinhood.
The SEC has concluded a preliminary determination to recommend enforcement action regarding alleged securities violations.
The investigation follows Robinhood's efforts to register with the US securities watchdog, as highlighted by Dan Gallagher, head of legal, compliance and corporate affairs at Robinhood Markets.
Gallagher expressed disappointment with the SEC's decision, saying it followed years of good faith efforts to work with the SEC for regulatory clarity.
“This includes our well-known efforts to ‘sign in and register,’ we are disappointed that the agency decided to issue an SEC decision. Wells' notice relates to our US crypto business,” said Gallagher, quoted from Yahoo Finance, Wednesday (8/5/2024).
SEC Will Stop Investigation of Ethereum Crypto
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