By Hannah Erin Lang
Regulators are dropping a federal investigation into Robinhood's crypto unit, part of a switch to softer enforcement under the Trump administration.
The Securities and Exchange Commission has concluded its investigation and doesn't plan to move forward with any enforcement actions, Robinhood said Monday. The brokerage had received notice the SEC was preparing to sue it over alleged violations of securities laws in May.
"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." Robinhood's chief legal, compliance and corporate affairs officer Dan Gallagher said.
Last week, regulators agreed to drop a lawsuit against Coinbase that sought to regulate the crypto market like a stock exchange.
Robinhood has already seen a boost from investors' hopes that the new administration will be friendlier to crypto. The company's crypto transaction revenue soared last quarter, amid a post-election trading frenzy. Robinhood stock has more than doubled over the last six months.
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(END) Dow Jones Newswires
February 24, 2025 09:29 ET (14:29 GMT)
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