Vlad Tenev, co-founder and CEO of Robinhood, the American online brokerage, stated in an interview with CNBC on Wednesday that Robinhood is expressing its position that it is “unacceptable” for Americans to be unable to access cryptocurrencies.
On Monday, Robinhood revealed that it had received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), indicating that the regulatory agency would recommend taking legal action against the company for alleged violations of securities laws.
During the interview, Tenev answered questions about Robinhood’s quarterly performance and pointed out that the company’s cryptocurrency trading volume grew by 224% in the first quarter of this year. He then mentioned that Robinhood had multiple meetings with the SEC but ultimately did not reach a resolution, and the company learned that it would face enforcement action from the SEC.
Tenev stated, “It’s hard to say why exactly, but they told us that they didn’t want to continue the dialogue anymore, and they couldn’t see a pathway to a resolution.” Tenev attributed the conflict between Robinhood and the regulatory agency to the way the agency regulates cryptocurrencies and what it means for retail investors.
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