- Robinhood’s head of law, Dan Gallagher, appraised Congress on the current position.
- The exchange only supports 18 different cryptocurrencies at the moment.
After the SEC’s assault on Binance and Coinbase, the publicly traded commission-free investing platform Robinhood is evaluating its cryptocurrency offerings.
On Tuesday, June 6th, Robinhood’s head of law, Dan Gallagher, appraised Congress on the current position. Former SEC Commissioner and recent witness before the House Agriculture Committee on digital assets, Gallagher is an expert in the field.
Reviewing the Analysis by SEC
The brokerage is “actively reviewing” the analysis by the regulator, Gallagher said, “to determine what, if any, actions to take.” Robinhood has a smaller selection of cryptocurrencies than other exchanges. Robinhood only supports 18 different cryptocurrencies at the moment, whereas Coinbase supports hundreds.
Moreover, Solana, Cardano, and Polygon are just a few of the tokens available on Robinhood that are considered unregistered securities by the SEC.
The SEC has requested the court to freeze Binance.US assets in its most recent petition. The SEC warned that Binance.US’s $2.2 billion in US client money are vulnerable. Allegedly, “Zhao and Binance have had free reign, over customer assets worth billions of dollars,” the SEC said.
Attorneys for the SEC moved quickly. They submitted a petition to the court to order the repatriation and freezing of U.S. customer assets. Because of fear that funds may leave the country. This is done to safeguard against any fraudulent transactions involving Zhao or Binance.
Binance and Zhao have been sued by the Securities and Exchange Commission (SEC) on allegations that they sold unregistered securities and misappropriated investor funds. The outcome of this lawsuit will have a severe impact on the future course of the crypto sector as a whole.
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