The CEO of Robinhood, a prominent trading company, is pushing back against the U.S. Securities and Exchange Commission (SEC) following the receipt of a Wells notice from the regulator. Vlad Tenev, the head of Robinhood, took to X today to criticize the SEC’s planned action against Robinhood Crypto. He stated, “Over the past three years, we have faced an overwhelming amount of regulatory pressure that is detrimental to American businesses and consumers. The SEC’s continual targeting of crypto, along with recent rule proposals such as predictive data analytics, represents yet another improper attempt by the government to hinder innovation.”

Additionally, Tenev emphasized that Robinhood will challenge the charges in court if necessary. He stated, “While we strive to maintain positive and productive relationships with our regulators, we are prepared to use our resources to contest this matter in court. Our aim is to both defend our crypto business and establish regulatory clarity in the United States for the benefit of our customers.”

Recently, the SEC informed Robinhood Crypto that it intends to take legal action against the trading platform. According to an 8-K Filing submitted over the weekend, Robinhood’s crypto trading arm, Robinhood Crypto, received a Wells Notice, which is a warning issued by the SEC signaling its intention to pursue legal action against a company.

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