Cryptocurrency and SEC Statement from Robinhood CEO: “Unacceptable”
Robinhood CEO Vlad Tenev made a statement after the SEC's cryptocurrency warning against the company.
The U.S. Securities and Exchange Commission (SEC) sent a warning to Robinhood this month that its cryptocurrency activities on the platform may be violating securities laws.
Speaking to CNBC, Tenev said that they met with the SEC 16 times before receiving this warning and emphasized that it is "unacceptable" that American citizens cannot access cryptocurrencies.
Stating that they tried to find a way to continue cryptocurrency transactions during their meetings with the SEC, Robinhood CEO said, “It was clear that there was no way, and now we have come to this point.” he said and added:
“The SEC could change the rules to allow brokers to trade crypto assets, but they don't seem to have any intention of doing so. Instead, they continue to regulate through sanctions. This is a disappointment. I didn't want to be in this situation, but we have to defend ourselves and our customers. “We believe that crypto assets are becoming increasingly important, and it is unacceptable for Americans to fail to achieve this.”
Shares are for informational purposes only and are not investment advice.
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