The US SEC is going to sue the Robinhood trading platform.#Reutersreports.#Robinhoodsays it has received a Wells Notice, which typically precedes enforcement action:
“... We are disappointed that the SEC has decided to issue a Wells Notice regarding our U.S. crypto business.”
The company's shares fall by 5% on the news.
Interestingly, only recently Uniswap added the option to purchase cryptocurrencies using the Robinhood Connect on-ramp solution.#Uniswapthemselves had previously received a Wells Notice from the SEC, and it wasn't until May 3 that we wondered if Robinhood was embarrassed by the partnership.
The SEC is clearly opening a wide front against cryptocurrency companies in the States. As a result, most likely, it will simply result in the exodus of some crypto companies from the American market. And they will search for new markets until regulation in their “home port” becomes more friendly.