The Securities and Exchange Commission (SEC) has dropped a lawsuit against Robinhood Crypto, the cryptocurrency unit of a popular financial services company.
The agency does not intend to proceed with enforcement action after the investigation.
Robinhood CEO Dan Gallagher praised the decision to drop the SEC probe into the company, adding that it should not have been opened in the first place.
Robinhood (Hood) shares are up nearly 2% in pre-market trading after plunging nearly 8% on Friday.
As reported by U.Today, Robinhood originally received a Wells notification from the SEC in May 2024.
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