According to a report by Bloomberg, Robinhood is assessing its cryptocurrency offerings in the wake of the US Securities and Exchange Commission cracking down on some digital asset trading platforms, including Binance, this week.
Robinhood’s legal chief, Dan Gallagher, reportedly told US Congress on Tuesday that the company is taking a look at its cryptocurrency offerings and is “actively reviewing” the SEC’s analysis in order to determine “what if any, actions to take.”
While brokerage Robinhood does offer cryptocurrency trading to its users, it is more widely known for its stock trading services and only lists 18 cryptocurrencies for users to trade. These include coins such as Bitcoin, Ethereum, Solana, and Dogecoin.
The SEC revealed Monday that it was charging Binance and said BNB and Binance USD are unregistered securities. In its documents, the SEC also listed ten other digital currencies as unregistered securities, including ADA, SOL, FIL, MATIC, ATOM, MANA, SAND, ALGO, AXS, and COTI.
Furthermore, the SEC announced on Tuesday that it had charged cryptocurrency exchange Coinbase with operating its platform as an unregistered national securities exchange, broker, and clearing agency.
The SEC stated that “since 2019, Coinbase has been engaging in an unregistered securities offering through its staking-as-a-service program.”
While Bloomberg said Robinhood did not specify the actions it will take, the feeling is that it will likely delist the cryptocurrencies that the SEC has deemed are unregistered securities.
Earlier this year, Robinhood revealed it received an investigative subpoena in December from the SEC related to listings of cryptocurrencies.
