Robinhood's crypto trading rose 224% in the first financial quarter. And yet, the firm met with the SEC 16 times before talks fizzled out.
Robinhood CEO Vlad Tenev said Wednesday that his firm is taking a stance for customers and that it was "not acceptable" for crypto not to be accessible to Americans. During the same interview, Tenev also noted that his firm met 16 times with the Securities and Exchange Commission before receiving a Wells Notice from the regulator.
He then said that Robinhood met with the SEC 16 times before talks fizzled out — and the firm learned it would face future enforcement from the SEC. The Block reported on May 6 that the SEC issued Robinhood a Wells Notice, an indication of forthcoming legal action, for alleged securities violations.
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