The SEC filed two back-to-back lawsuits this week against crypto exchanges Binance and Coinbase for violating U.S. securities laws. The cases managed to rock the entire industry. Even so, the community is earnestly looking forward to more clarity pertaining to crypto rules.
As a part of the lawsuits, the regulator went on to declare several tokens as securities. In the Binance case, BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI were victims. In the Coinbase lawsuit, the SEC specifically deemed SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO to be securities.
A recent Bloomberg report brought to light that Robinhood is re-assessing its crypto offerings post the SEC’s crackdown. Dan Gallagher, the brokerage’s Chief Legal Officer, told Congress that the firm is “actively reviewing” the regulator’s analysis “to determine what, if any, actions to take.” Notably, Gallagher is a former SEC commissioner. He recently testified before the House Agriculture Committee during its digital assets meeting.
Robinhood is taking a fresh look at its crypto offerings after the SEC cracked down this week on two top digital asset trading platforms https://t.co/nALyptd0ts
— Bloomberg (@business) June 6, 2023
Also Read: SEC Sues Coinbase, Citing U.S. Securities Law Violations
Robinhood offers SOL, ADA, MATIC
Robinhood offers users limited access to crypto assets. There are only around 18 different tokens on the platform, when compared to hundreds listed on other exchanges like Coinbase. Robinhood Crypto supports the buying and selling of AAVE, BTC, BCH, ADA, LINK, COMP, DOGE, ETH, ETC, LTC, MATIC, SHIB, SOL, XML, XTZ, UNI, and USDC.
Now, several tokens, including Solana, Cardano and Polygon have been labelled to be unregistered securities by the regulator. Thus, the exchange might specifically be looking into the said assets.
Post the collapse of FTX, the SEC and other regulators have been increasingly probing crypto companies and taking enforcement actions against them. Robinhood, on its part, received an investigative subpoena related to its crypto listings and custody in December last year.
Also Read: Metaverse Blow: SAND, MANA Drop 10%, SEC Declares Them ‘Securities’