Robinhood Crypto gets Wells notice from US SEC

Retail trading platform Robinhood Markets said on Monday it received an enforcement action notice from the U.S. Securities and Exchange Commission SEC ) on May 4 over crypto tokens traded on its platform. The company said it received a so-called " Wells notice ," which the SEC issues when it is planning to bring enforcement action against them. Such notices do not necessarily mean the company has engaged in wrongdoing. The regulator declined to comment on the enforcement action notice. "If necessary we will use our resources to contest this matter in the courts," Robinhood CEO Vlad Tenev said in a post on X. Coinbase , the world's largest publicly traded cryptocurrency exchange, has also previously argued that crypto assets, unlike stocks and bonds, do not meet the definition of securities, a position held by the vast majority of the crypto industry. It has been attempting for nearly two years to register with the SEC.Last year, it removed digital tokens Solana, Cardano and Polygon from its platform.