Retail trading giant Robinhood is reportedly reviewing its crypto offerings after the U.S. Securities and Exchange Commission (SEC) filed lawsuits this week against Binance and Coinbase.
According to a new Bloomberg report, Robinhood’s legal chief Dan Gallagher says the company is combing through the SEC’s legal filings and deciding whether to modify the platform’s crypto trading services.
Gallagher made the comments to US Congress before the House Agriculture Committee during a meeting related to digital assets. According to the report, Gallagher says that Robinhood is “actively reviewing” the SEC’s analysis “to determine what, if any, actions to take.”
Robinhood customers can trade 18 different tokens including Solana (SOL), Cardano (ADA) and Polygon (MATIC), which the SEC deemed unregistered securities in the lawsuits against the two top crypto exchanges.
The SEC sued top US crypto exchange Coinbase on Tuesday, for “operating as an unregistered securities exchange, broker, and clearing agency” as well as for “failing to register the offer and sale of its crypto asset staking-as-a-service program.”
A day prior, the SEC filed a lawsuit against Binance alleging several violations of breaking securities laws and other accusations.
Robinhood has announced several efforts this year to advance in the crypto space.
The trading giant recently launched a new crypto wallet on Apple’s mobile operating system which included support for altcoins like Shiba Inu (SHIB), Polygon and Ethereum (ETH).
In April, Robinhood announced Robinhood Connect, a crypto on-ramp for users to access and fund their Web3 wallets without leaving decentralized applications (DApps) or logging into their accounts.
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