The SEC is dropping its investigation into Robinhood’s crypto unit, the company revealed on Monday.

Robinhood said it received a letter from the SEC’s enforcement division on Friday detailing that the agency had closed its investigation into the cryptocurrency business and had no intention of taking enforcement action. Three days ago, Coinbase also announced that the SEC had agreed to end its enforcement case against it.

Robinhood shares initially rose on the news, but ultimately closed down 3.2% as the stock market retreated from its highs of the day.

In May 2024, Robinhood received a notice warning that its crypto unit could be charged for securities violations after the company received subpoenas for its cryptocurrency listings, custody, and platform operations — despite “our good faith attempts to work with the SEC to obtain regulatory clarity over the years, including our well-known ‘come in and register’ attempts,” Dan Gallagher, the company’s chief legal, compliance and corporate affairs officer, said at the time.

“Robinhood Crypto has always respected federal securities laws and would never allow securities trading,” he said in a statement on Monday. “We appreciate the formal closure of this investigation, and we are pleased to see the SEC return to the rule of law and commitment to fairness.”

A spokesperson for the SEC declined to comment for this story.

The SEC’s dismissal of the Robinhood and Coinbase lawsuits is an early sign of regulatory changes to the crypto industry that President Trump promised during his campaign. Despite the surge in Bitcoin prices, many crypto businesses saw it as a low point under the previous administration due to the SEC’s notoriously aggressive enforcement approach to cryptocurrencies under then-Chairman Gary Gensler, rather than clear operating rules.

Bitcoin prices rose to $100,000 for the first time, and nearly half of Robinhood’s $672 million in fourth-quarter trading revenue came from a 700% increase in revenue related to cryptocurrency trading, as the Trump administration is expected to introduce more favorable policies.

So far in 2025, Robinhood shares have risen 34%.
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