American financial services firm Robinhood has reviewed its cryptocurrency offerings following a government crackdown on digital asset trading platforms earlier this week.
The fresh look comes after The Securities and Exchange Commission (SEC) sued both popular cryptocurrency exchanges Binance and Coinbase after stating the exchanges were listing unregistered securities.
The brokerage is “actively reviewing” the regulator’s analysis “to determine what, if any, actions to take,” said the firm’s legal chief Dan Gallagher, when speaking to Congress on Tuesday, June 6.
Currently, Robinhood gives users access to a limited list of crypto assets where they can choose from a variation of 18 tokens, a small amount in comparison to the likes of Coinbase, where users have the choice of hundreds.
However, Robinhood remains cautious as some tokens – including Solana, Polygon and Cardano – are deemed as unregistered by the SEC.
The choice to review its offerings comes with speculation from many within the crypto community, with one individual stating to a media outlet that the SEC will “never shut down Robinhood’s savings accounts or stock trading because of an alleged unregistered cryptocurrency,” and that if anything, “only the token will be frozen.”
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