Robinhood expanded its crypto offerings for US investors, adding Solana (SOL), Cardano (ADA), XRP, and Pepe (PEPE) to its lineup. This brings Robinhood’s total crypto offerings to 19 assets.
PEPE surged 65% following the news to hit a high of $0.00002244 after soaring 65% following the brokerage firm's announcement.
PEPE's movement is the most recent price leap registered by the “old memecoin” group, which includes Dogecoin (DOGE) and Shiba Inu (SHIB). In the past seven days, DOGE and SHIB registered price increases of 105% and 43%, respectively.
Back after regulatory turmoil
Solana and Cardano are back on Robinhood's platform more than a year after the firm delisted them due to regulatory concerns.
The US Securities and Exchange Commission (SEC) had alleged that these tokens were unregistered securities as part of broader enforcement actions against major crypto exchanges.
In response, Robinhood removed SOL, ADA, and Polygon (POL) from its offering in June 2023.
In May, the SEC issued a Wells Notice to Robinhood, claiming that the enforcement action was motivated by investigations over the company's “cryptocurrency listings, custody of cryptocurrencies, and platform operations.”
Robinhood said it was disappointed by the notice since it had met with the regulator 16 times to clarify details on its crypto offerings. CEO Vlad Tenev also publicly criticized the move and said that the SEC is unwilling to facilitate crypto despite good faith in the industry.
Robinhood seems to be expanding its crypto offerings in a favorable market environment following President-elect Donald Trump’s election win, which has sparked optimism across the market.
Reports claim the Trump administration is considering making Dan Gallagher, Robinhood's chief legal officer and former SEC commissioner, the new SEC Chair.
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