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Robinhood Crypto, the digital asset arm of the popular stock trading app, said Monday that it has received a Wealth Notice from the Securities and Exchange Commission (SEC).
“We strongly believe that the assets listed on our platform are not securities,” Dan Gallagher, Robinhood Markets’ chief legal, compliance and corporate affairs officer, said in a statement. “We look forward to working with the SEC to clarify how weak the case against Robinhood Crypto is on both fact and law.”
Following enforcement actions against Coinbase and Kraken, Robin Crypto becomes the latest U.S. company in the SEC’s crosshairs for providing digital asset services to customers. In a filing Friday, Robinhood warned that the SEC’s recommendation to pursue enforcement action against Robinhood is related to investigative subpoenas it previously received.
While most exchanges offer numerous digital assets to their customers, Robinhood Crypto’s offerings are relatively limited. It varies by state, but in New York, Robinhood Crypto offers investors the ability to buy and sell 15 different cryptocurrencies.
This is a developing story and will be updated.
Edited by Stacey Elliott.
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