Robinhood Markets Formally Warned by SEC
John, we’re learning now through an SEC filing that Robin Hood has received a Wells notice from the SEC. You are seeing Robin Hare Robin Hood shares react significantly to the news. Here you are watching this Wells notice in relation, by the way, to the cryptocurrency listings on the Robin Hood exchange. Remember, increasingly in recent years, Robin Hood has catered to a customer that has not only been interested in stocks, but from crypto currencies as well. The wealth notice was on May 4th and the preliminary determination here was to recommend an enforcement action against Robin Hood crypto alleging violations of Section 15-A and 17A of the Securities Exchange Act. And this is all according to a regulatory filing before market opened today, shares fell as much as 5.5%. You see it moderating some. Now we know this is all in vain. John of the SEC looking further at exchanges listing different cryptocurrencies in the matter in which they do so of course the traditional crypto exchanges such as Coinbase. Have also been battling the SEC when it comes to the cryptocurrency world as well.