Report – Regulation Bitcoin News

Robinhood Markets Inc., the American financial services company based in Menlo Park, California, has delayed its initial public offering (IPO) from the US Securities and Exchange Commission. According to a report quoting “people familiar with the matter”, the SEC is questioning Robinhood’s cryptocurrency business.

SEC questions Robinhood’s crypto deals, IPO delayed

Robinhood was slated to go public this month, but the SEC has slowed its listing, according to a report from Bloomberg. The report quoted some people familiar with the matter and asked, “Not to be identified as the matter is private.”

However, they say the U.S. regulator has questions about the cryptocurrency side of the business as Robinhood allows customers to purchase popular stocks as well. Since 2018, Robinhood has enabled customers to buy and trade crypto assets such as Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH).

The company came under fire in late January during the Wallstreetbets fiasco, which saw the rise and fall of Gamestop (GME) shares. Reports from customers at the time noted that Robinhood has discontinued offering GME and other stocks such as AMC. The move was so controversial that Tesla’s Elon Musk tried to get answers through the Clubhouse app in an interview on the Good Time Show.

However, the SEC’s current concerns are about the cryptocurrency business, which allows users to buy ETH, DOGE and ETH instead of questioning the stock fiasco. Renowned investor Warren Buffet spoke about Robinhood and told CNBC that investing in crypto assets and stocks on Robinhood is akin to casino gambling.

Billionaire investor and Shark Tank star Mark Cuban criticized Robinhood in late April and said: “The biggest stumbling block to growth is that you can’t spend the doge you buy on Robinhood.” The SEC and Robinhood report, written Friday by Bloomberg’s finance columnist Katie Roof, found that the US regulator was very is busy with IPOs.

The SEC also deals with crypto-based Special Purpose Acquisition Companies (SPACs) and Bitcoin Exchange Traded Funds (ETF). Roof points out that Robinhood’s delay is similar when Coinbase Global Inc. went public.

Prior to Coinbase listing, the exchange had to pay the Commodity Futures Trading Commission (CFTC) $ 6.5 million for “inaccurate reporting and wash trading.” The SEC continues announced this week that it delayed the Bitcoin ETF decision on the proposal to list Valkyrie Digital Assets.

What do you think of Robinhood’s IPO delay? Let us know what you think on this matter in the comments below.

Tags in this story

AMC, CFTC, Coinbase, Delay IPO, Doge, Dogecoin, Elon Musk Robinhood, GME, IPO, IPO Delay, IPO Listing, Mark Cuban, Report, Robinhood, Robinhood Bitcoin, SEC, Wallstreetbets, Warren Buffet

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