Robinhood attempted to register with the SEC as requested in regards to blockchain.
The U.S. Securities and Exchange Commission (SEC) has accused blockchain (COIN) and Binance of running illegal exchanges. However, during a recent industry testimony in the U.S. House of Representatives, it was revealed that companies had sought the SEC’s help to properly register but were turned away. SEC Chair Gary Gensler has repeatedly advised firms to come in and register. Robinhood Markets’ chief compliance lawyer said the popular trading firm was trying to register as a special-purpose broker for digital assets, but the agency didn’t guide them into crypto compliance. Blockchain has also faced similar problems. The possible counterweight to this argument is the series of approvals of digital-assets broker-dealers by the Financial Industry Regulatory Authority (FINRA), an industry-funded oversight arm created by the SEC. The compliance dispute will be decided in the courts.