Robin Hood on Monday concluded the U.S. Securities and Exchange Commission (SEC) closed its investigation into the company’s crypto business, pushing one of America’s most popular trading apps into the crypto space, and as the Trump administration scales dramatically. It has announced that it has paved the way for expansion. Litigation against crypto companies.
Robinhood, which donated $2 million to Trump’s inauguration, is currently trading at around $50 per share.
As the Trump administration eases regulatory pressure on crypto companies, Robinhood is looking to expand its presence in the digital asset space. Robinhood’s Crypto trading accounts for more than half of the transaction revenue, and has recently surged to $358 million, marking the company’s dramatic 700% increase.
“The SEC is filing a lawsuit right and centered by Crypto Companies,” Charles Wayn, co-founder of decentralized super app Galxe, told Thestreet Crypto. “The first Coinbase, now Robinhood and Opsy – it’s like a completely different agency.”
On Friday, Coinbase announced that financial regulators are approaching hollowing out a 2023 lawsuit against the company. Opensea, the world’s largest market for non-fan tokens (NFTS), also said recently that a survey by the SEC company has closed its NFTs without classifying them as securities.
The crypto industry contributed millions to Trump’s 2024 presidential bid and guided whether industry groups have influenced current regulatory changes. Robert Weissman, co-chairman of the DC-based Watchdog Group Public Citizens;
“(This) is a massive gift for the industry and can only be understood in light of the massive political spending in the last election,” Weissman said, and the SEC’s apparently loose stance puts “consumers.” , a threat to the “overall financial system.”
Last year, Coinbase spending on crypto candidates like Trump exceeded $46 million, with Opensy spending more than $100,000 in lobbying during the 2024 election.
However, the crypto industry still hopes that enforcement action against businesses will continue. “The enforcement is still where fraud is involved, but (SEC) agents no longer behave like attack dogs, they are passing the right members, like zero bond meters. “I said. Catherine Snow, advisor to a paper at Bitcoin Farm.
“This does not mean complete freedom for crypto companies because it is likely to focus on target enforcement against fraud and consumer protection violations from a wide range of regulatory crackdowns.
As the Trump administration reduces crypto companies’ litigation, the sector is still waiting for clarity of regulations on which agencies regulate digital assets. Cathy Yoon, an advisor to the Wormhole Foundation, told Thestreet Crypto.