Robinhood has warned of an impending lawsuit from the Securities and Exchange Commission over its cryptocurrency business, in a sign that a US regulatory crackdown on digital assets continues.
The retail brokerage said in a filing on Monday that the SEC had over the weekend sent its crypto unit a so-called Wells notice, which warns a company that it faces legal action. SEC staff have made a “preliminary determination” to recommend enforcement action against the company, which could lead to civil litigation, monetary penalties and limits on business activities.
The SEC has taken a hard line on crypto enforcement, arguing that many tokens constitute securities and should be regulated as such.
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