FinTech News
Robinhood Crypto Relists Previously Removed Assets, Adds More
Robinhood Crypto has added to its list of supported assets — including bringing back some previously delisted coins.
About the additions:
Recently, Robinhood announced that it was adding four crypto assets to its U.S. platform. These include Solana (SOL), Cardano (ADA), XRP (XRP), and Pepe (PEPE). In total, the platform now allows users in the United States to trade 19 cryptocurrencies.
Notably, Solana and Cardano were removed from Robinhood in June 2023 (along with MATIC). At the time, Robinhood noted that the SEC had sued Binance and Coinbase while alleging that some cryptocurrencies were unregistered securities. As the company wrote in a blog post, “This introduced a cloud of uncertainty around these assets and, as a result, our team has decided to end support for them.” Similarly, Robinhood has also previously listed XRP before removing it.
More Robinhood news:
This news comes as Robinhood has continued to expand and diversify its offerings. Most recently, the company introduced event contracts, starting with contracts tied to the presidential election. The company is also rolling out futures trading and index options features.
On top of that, Robinhood is appealing to advanced day traders with its new Robinhood Legend interface. This desktop platform offers customizable layouts and access to advanced trading tools, analysis, and data.
What they’re saying:
Discussing the new additions, the VP and GM of Robinhood Crypto Johann Kerbrat said, “We’ve consistently heard from our customers that they want access to more digital assets, and we’re excited to continue expanding our crypto offering. With lower barriers to entry, we believe crypto presents an opportunity for those who have been historically left behind by the traditional financial system.”
Additionally, in the blog post, the company states that its listing committee reviews crypto assets to see if they “meet the requirements under our internal policies and procedures for listing and continued support on the Robinhood Crypto platform.”
My thoughts:
So why would Robinhood decide to add back crypto assets it previously removed in a bid to avoid SEC scrutiny? The only answer I can see involves the recent election. As anyone reading this assuredly knows, President Trump’s victory means that the regulatory atmosphere is set for a shift. And, with Trump recently coming around on cryptocurrencies, many speculate that the SEC will also take a friendly approach to these assets. Of course, that sentiment can already be seen in the bull run that assets such as Bitcoin have seen since the election.
In any case, I personally have no interest in these relisted or newly added assets at this time. That said, as a (very small) Robinhood shareholder, I hope that those who are intrigued by these additions enjoy trading them on the platform.
Author
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