Robinhood extensive its crypto offering for US investors, adding Solana (SOL), Cardano (ADA), XRP and Pepe (PEPE) to its lineup. This brings Robinhood’s total crypto offering to 19 assets.
PEPE rose 65% after the news before reaching a high of $0.00002244 rising 65% after the brokerage firm’s announcement.
PEPE’s move is the latest price jump recorded by the ‘old memecoin’ group, which includes Dogecoin (DOGE) and Shiba Inu (SHIB). Over the past seven days, DOGE and SHIB recorded price increases of 105% and 43% respectively.
Back after regulatory turmoil
Solana and Cardano are back on Robinhood’s platform, more than a year after the company took them private over regulatory concerns.
The US Securities and Exchange Commission (SEC) had claimed that these tokens were unregistered securities as part of broader enforcement actions against major crypto exchanges.
In response, Robinhood removed SOL, ADA, and Polygon (POL) from its offering in June 2023.
In May, the SEC issued a Wells notice to Robinhood, alleging that the enforcement action was prompted by investigations into the company’s “cryptocurrency listings, custody of cryptocurrencies, and platform activities.”
Robinhood said it was disappointed by the message, as it had met with the regulator 16 times to clarify details about its crypto offering. CEO Vlad Tenev also publicly criticized the move, saying that the SEC is unwilling to facilitate crypto, despite good faith in the sector.
Robinhood appears to be expanding its crypto offering in a favorable market environment following the election victory of newly elected President Donald Trump, which has sparked optimism across the market.
Reports claim that the Trump administration is considering appointing Dan Gallagher, Robinhood’s Chief Legal Officer and former SEC commissioner, as the next SEC chairman.
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