Robinhood CEO Says Americans Should Be Able to Access Cryptocurrencies as They Become 'More Important'

Robinhood CEO Vlad Tenev said Wednesday that his company is taking a stand for customers and that it was "not acceptable" that cryptocurrencies were not accessible to Americans. During the same interview, Tenev also noted that his company met with the Securities and Exchange Commission 16 times before receiving a Wells Notice from the regulator.

Speaking to CNBC, Tenev responded to questions about the quarterly performance of the company, whose cryptocurrency trading increased 224% in the first financial quarter of the year.

“We are trying to create what is called a special purpose broker-dealer for the purpose of transacting cryptoassets. And we actually came in good faith to meet with the SEC. I think we met with them 16 times. And unfortunately, that was not reciprocated and it was clear that there didn't seem to be a path, and here we are," Tenev said in the interview.

“It is difficult to impute the reasoning behind this, but they told us that they did not want to continue meeting to discuss the issue and did not see a path towards that,” Tenev continued.

Tenev framed his company's clash with the regulator in the broader context of how it regulates cryptocurrencies and what it means for retail investors.

“The SEC has the ability to change the rules to allow brokers to support crypto assets, and they do not appear to have any intention of doing so. Rather, they are proceeding with regulation through law enforcement. And that's disappointing."

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