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Market
Impact on Robinhood's Q3 2024 Earnings
5
Resolution / Starting Odds
Increase in Earnings • 33%
Decrease in Earnings • 33%
No Significant Change • 34%
Robinhood's quarterly financial reports
Story
SEC Targets Robinhood Crypto, Stock Drops 7%, Tokens Delisted
May 6, 2024, 01:13 PM
Robinhood Markets Inc. has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), indicating potential enforcement action related to its cryptocurrency business. The notice, issued on May 4, suggests preliminary plans by the SEC to recommend enforcement actions for alleged violations of Sections 15(a) and 17A of the Securities Exchange Act. This development has significantly impacted Robinhood's stock, which saw a decrease of up to 7% following the announcement. The company expressed disappointment over the SEC's decision, emphasizing their belief that the assets listed are not securities. Additionally, Robinhood has delisted tokens, including SOL, in response to the SEC's actions.
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