- Robinhood CEO, Vlad Tenev, has publicly responded to the U.S. Securities and Exchange Commission (SEC) following their Wells notice to the trading platform.
- Tenev criticizes the SEC’s continued attack on crypto and vows to fight the charges in court if necessary.
- Robinhood Crypto recently received a Wells Notice, indicating the SEC’s intent to pursue legal action against the company.
Robinhood CEO, Vlad Tenev, hits back at the SEC following their Wells notice to Robinhood Crypto, criticizing their continued attack on crypto and vowing to fight the charges in court if necessary.
Robinhood CEO Responds to SEC Wells Notice
Vlad Tenev, the CEO of trading giant Robinhood, has publicly responded to the U.S. Securities and Exchange Commission (SEC) following their Wells notice to the trading platform. In a series of tweets, Tenev criticized the SEC’s continued attack on crypto and vowed to fight the charges in court if necessary.
SEC’s Continued Attack on Crypto
“Over the last three years, we’ve reached a state of regulatory onslaught that is harmful to American companies and consumers. The SEC’s continued attack on crypto, coupled with recent rule proposals like the one related to predictive data analytics, mark yet another improper attempt by the administrative state to stifle innovation,” Tenev stated on Twitter.
Robinhood Ready to Fight Charges in Court
Furthermore, Tenev stated that Robinhood will not back down and is prepared to contest the matter in court. “While we strive to maintain positive and productive relationships with our regulators, if necessary we will use our resources to contest this matter in the courts, with the intent of both defending our crypto business and establishing regulatory clarity in the United States for the benefit of our customers,” Tenev said.
Robinhood Crypto Receives Wells Notice
The regulator recently informed Robinhood Crypto that the regulatory agency will soon be pursuing legal action against the trading platform. According to an 8-K Filing submitted over the weekend, Robinhood’s crypto trading arm, Robinhood Crypto, recently received a Wells Notice, a warning issued by the SEC that it’s planning to pursue legal action against a company.
Conclusion
The SEC’s Wells notice to Robinhood Crypto marks another chapter in the ongoing tension between regulatory bodies and crypto businesses. As Robinhood prepares to defend its crypto business in court, the outcome could have significant implications for the wider crypto industry in the United States.
