The Securities and Exchange Commission is dropping its investigation into Robinhood’s crypto arm, the company revealed Monday. Robinhood said it received a letter from the SEC’s enforcement division on Friday, detailing in a blog post that the agency has closed its investigation into the crypto business with no intention of moving forward with an enforcement action. The news comes three days after Coinbase similarly announced that the SEC has agreed to end its enforcement case against it. Shares of Robinhood were last higher by about 1%. In May 2024, Robinhood received a notice warning that it could be charged for potential violation of securities law within its crypto unit after previously being subpoenaed for its cryptocurrency listings, custody and platform operations — despite “years of good faith attempts to work with the SEC for regulatory clarity including our well-known attempt to ‘come in and register,’” Dan Gallagher, the company’s chief legal, compliance and corporate affairs…
