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Robinhood, the trading app, added four new cryptos to its platform on Wednesday: memecoin pepe, solana and cardano. This move follows the SEC’s designation of both SOL tokens and Cardano ADA as securities in two separate cases.
In its lawsuit filed against Coinbase in June 2023, the SEC classified SOL, ADA and 11 other crypto-assets as securities. The case is still pending. Both tokens are also mentioned in the Wells Notice sent to Crypto.com by the securities regulator last month.
Robinhood has made its move as the crypto-industry continues to ride the wave of euphoria that has accompanied the rise in prices since Donald Trump won the election last week. Many feel optimistic after his promise to revamp SEC leadership, and make the US hub for digital assets businesses.
Consider a possible scenario. Most legal experts agree, even if Trump replaced Gary Gensler by another commissioner currently in place, Trump cannot remove Gensler completely. Gensler would remain a commissioner, even if Mark Uyeda, for example, became acting chairperson in January.
SEC staff must propose that a lawsuit be dropped (such as one filed against Coinbase) to the commissioners who will then vote. Even if the SEC’s vote is approved, it would still need to be approved by the courts.
A lot of ‘ifs’ here. Don’t expect much.
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