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Robinhood CEO Vlad Tenev Slams SEC, Says Trading Giant Prepared To Contest Charges in Court

May 07, 2024

The CEO of trading giant Robinhood is hitting back at the U.S. Securities and Exchange Commission (SEC) after receiving the regulator’s Wells notice.

Robinhood head Vlad Tenev took to X today to decry the SEC’s planned action against Robinhood Crypto.

“Over the last three years, we’ve reached a state of regulatory onslaught that is harmful to American companies and consumers.

The SEC’s continued attack on crypto, coupled with recent rule proposals like the one related to predictive data analytics, mark yet another improper attempt by the administrative state to stifle innovation.”

Furthermore, Tenev says that Robinhood will fight the charges in the courts if push comes to shove.

“While we strive to maintain positive and productive relationships with our regulators, if necessary we will use our resources to contest this matter in the courts, with the intent of both defending our crypto business and establishing regulatory clarity in the United States for the benefit of our customers.”

The regulator recently informed Robinhood Crypto that the regulatory agency will soon be pursuing legal action against the trading platform.

According to an 8-K Filing submitted over the weekend, Robinhood’s crypto trading arm, Robinhood Crypto, recently received a Wells Notice, a warning issued by the SEC that it’s planning to pursue legal action against a company.

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