The SEC’s lawsuit against major exchanges has forced Robinhood to revise its token listing procedures. Dan Gallagher, the company’s chief legal officer, told Congress about the development.
Robinhood has begun reviewing its token listings following lawsuits filed by the US Securities and Exchange Commission (SEC) against major exchanges.
Dan Gallagher, Chief Legal Officer of the trading platform open Information to Congress, where he was speaking to the House Committee on Agriculture at a meeting focused on digital assets.
Robinhood is focusing on coin listings after the lawsuit
Gallagher Tell Congress said Robinhood will “actively review” the SEC’s statements “to determine what, if any, actions to take.”
The Securities and Exchange Commission (SEC) sent shock waves throughout the crypto world recently when it revealed that it would be filing lawsuits against both Binance and Binance.US as well as Coinbase. These are some of the largest stock exchanges in the world.
Unlike the major cryptocurrency exchanges, Robinhood only offers a small list of tokens. Compared to the hundreds, if not thousands, available on most centralized exchanges, Robinhood only offers 18 tokens to investors.
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The decision to review the token listings is a sign that Robinhood wants to leave no stone unturned when it comes to compliance.
Major crypto players are testifying before Congress on the crypto bill
Robinhood, as well as Coinbase and the United States Commodity Futures Trading Commission (CFTC), have testified before Congress regarding a crypto bill.
CTFC Administrator, Chairman Rustin Behnam, advertiser There is a strong need to regulate the digital asset market.
Paul Grewal, Head of Legal Affairs at Coinbase He said Before testifying that the United States was lagging behind when it came to regulation. This is in line with what many in the crypto industry believe.
Coinbase CEO Brian Armstrong has Requested To publish a clear rulebook, as opposed to regulation through enforcement.
Robinhood’s crypto revenue fell 30% year-over-year in the first quarter
Robinhood’s decision to revise its token listings could affect its crypto revenue, which was already down 30% year-over-year in the first quarter, according to Quarterly report. Regarding cryptocurrency, I noticed that the number of Robinhood Wallet downloads has exceeded 100,000.
Cryptocurrency trading revenue was $38 million for the first quarter of 2023, compared to $54 million for the first quarter of 2022. Compared to last quarter, it was only down 1%.
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