In May 2024, Robinhood received a notice warning that it could be charged for potential violation of securities law within its crypto unit after previously being subpoenaed for its cryptocurrency listings, custody and platform operations – despite "years of good faith attempts to work with the SEC for regulatory clarity including our well-known attempt to 'come in and register,'" Dan Gallagher, the company's chief legal, compliance and corporate affairs officer, said at the time.
"Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities," he said in a statement Monday. "We appreciate the formal closing of this investigation, and we are happy to see a return to the rule of law and commitment to fairness at the SEC."