As it is known, the SEC recently sent a Wells Notice to the US-based cryptocurrency platform Robinhood.
While the possible effects of the Wells Statement on the crypto market continue to be discussed, a statement came from Robinhood Co-Founder and CEO Vlad Tenev.
Speaking to CNBC, Robinhood CEO made statements about the SEC's latest actions.
Stating that cryptocurrencies are becoming increasingly popular and important, Tenev argued that Americans should have access to cryptocurrencies.
The famous CEO, who thinks that it is unacceptable for Americans not to have access to cryptocurrencies, stated that they met with the SEC 16 times before receiving the Wells Notice.
Vlad Telev said that as a result of these meetings, they learned that Robinhood would face SEC sanctions in the future.
“We tried to create what is called a special purpose broker-dealer for the purpose of trading cryptocurrencies.
And we actually came to meet with the SEC in good faith. I think we met with the SEC 16 times.
However, these talks did not yield any response and we learned that we would face SEC sanctions.
The SEC has the ability to change the rules to allow brokers to trade cryptocurrencies, but it does not appear to have any intention of doing so. Rather, the SEC continues to regulate through enforcement. And that's disappointing.
“I didn't want to be in this situation with the SEC, but we have to defend ourselves and our customers.”