Robinhood CEO's Cryptocurrency and SEC Statement: "Unacceptable" - Coin Newsletter

Robinhood CEO Vlad Tenev made the remarks after SEC's cryptocurrency warning against the company.

The U.S. Securities and Exchange Commission (SEC) sent a warning to Robinhood this month that its cryptocurrency activities on the platform may be in violation of securities laws.

Speaking to CNBC, Tenev said that he met with SEC 16 times before receiving this warning, stressing that it is "unacceptable" that American citizens cannot access cryptocurrencies.

Stating that they tried to find a middle ground to continue cryptocurrency transactions during their meetings with SEC, the Robinhood CEO said, "It was clear that there was no way, and now we have reached this point." and added:

*"SEC could change the rules to allow brokers to trade crypto assets, but they don't seem to have any intention of doing so. Instead, they continue to regulate through sanctions. It's a disappointment. I didn't want to be in this situation, but we have to defend ourselves and our customers. We believe that Crypto assets are becoming more and more important, and it is not acceptable for us that the Americans do not have access to them." *