The U.S. Securities and Exchange Commission (SEC) has dropped its lawsuit against Robinhood Crypto, the cryptocurrency unit of the popular financial services company.
The agency does not intend to move forward with an enforcement action following the investigation.
Robinhood CEO Dan Gallagher has applauded the SEC’s decision to drop the probe into the company, adding that it should have never been opened in the first place.
The shares of Robinhood (HOOD) are up by nearly 2% in pre-market trading after plunging by nearly 8% on Friday.
As reported by U.Today, Robinhood originally received a Wells notice from the SEC back in May 2024.
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