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Robinhood CEO Vlad Tenev criticized the SEC and said the trading giant is ready to fight the charges in court

The CEO of trading giant Robinhood hit back at the US Securities and Exchange Commission (SEC) after receiving a notice from regulator Wells.

Robinhood CEO Vlad Tenev reached out to X today to condemn the SEC's planned actions against Robinhood Crypto.

“Over the past three years, we have reached a state of regulatory pressure that is harmful to American businesses and consumers.

The SEC's ongoing attack on cryptocurrency, coupled with recent rule proposals such as those related to predictive data analytics, marks yet another illegitimate attempt by the administrative state to stifle innovation.”

What's more, Tenev says Robinhood will fight the allegations in court if it comes to it.

“While we are committed to maintaining a positive and productive relationship with our regulators, if necessary, we will use our resources to fight this case in the courts, with the goal of both protecting our crypto business and establishing regulatory clarity in the United States for the benefit of our clients."

The regulator recently informed Robinhood Crypto that the regulatory agency will soon be initiating legal action against the trading platform.

Robinhood's cryptocurrency trading unit, Robinhood Crypto, recently received a Wells Notice warning the SEC that it plans to take legal action against the company, according to an 8-K filing over the weekend.

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