• Robinhood has received a subpoena from the SEC and California Attorney General’s Office regarding its crypto services.
• The company said it might be forced to delist some of its cryptocurrencies if they are deemed unregistered securities by the SEC.
• This comes amid a wider regulatory crackdown on crypto in the U.S. with multiple companies being affected, including Kraken, Binance, and Paxos.

Subpoena Received Over Crypto Services

Robinhood, a securities brokerage firm that also offers cryptocurrency services, has revealed that it’s been affected by the collapse of FTX late last year. The company disclosed in a 10-K filing that it received a subpoena from the U.S. Securities and Exchange Commission (SEC) last December relating to its „cryptocurrency listings, custody of cryptocurrencies and platform operations.“ A subpoena is a formal written order to testify before a court or provide documents during an active investigation. Robinhood also received a subpoena from the California Attorney General’s Office seeking information about its trading platform, business and operations, custody of customer assets, customer disclosures, and coin listings.

Cryptocurrencies Offered By Robinhood

Robinhood currently lists 18 cryptocurrencies, including bitcoin (BTC), ether (ETH), and dogecoin (DOGE). The company said that if the SEC deems some of the cryptocurrencies it supports securities, it might be forced to delist them. „To the extent that the SEC or a court determines that any cryptocurrencies supported by our platform are securities, that determination could prevent us from continuing to facilitate trading of those cryptocurrencies (including ceasing support for such cryptocurrencies on our platform).“

Wider Regulatory Crackdown On Crypto In US

The attention Robinhood is getting from the SEC and other institutions seems to be part of a wider regulatory crackdown on crypto in the U.S. Multiple other crypto-related companies have recently been impacted by the SEC’s decisions, including Kraken, Binance, and Paxos.

SEC Cracking Down On Crypto Companies

The SEC has recently ramped up its regulatory war against crypto services companies. For example, a few weeks ago