Vlad Tenev, the co-founder and CEO of American online brokerage Robinhood, stated in an interview with CNBC on Wednesday that Robinhood is making its stance clear 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 US Securities and Exchange Commission (SEC), indicating that the regulatory body intends to recommend legal action against the company for alleged violations of securities laws.
During the interview, Tenev addressed questions about Robinhood’s quarterly performance and highlighted 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 no resolution was reached – leading the company to learn about the forthcoming enforcement action by the SEC.
Tenev stated, “It’s hard to say what the reasoning behind it is, but they told us that they didn’t want to continue the dialogue and they couldn’t see a way to get 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.
Source:
