Robinhood (HOOD) on Monday said i🉐t has been informed by the Securities and Exchange Commission that it won't receive any penalties over its cryptocurr꧂ency business.

The online trading platform said it received a letter from the SEC on Friday, informing Robinhood that the SEC's investigations is closed with no intention "to move forward with an enforcement action."

The regulator 澳洲幸运5官方开奖结果体彩网:sent Robinhood a 澳洲幸运5官方开奖结果体彩网:Wells Notice last May, informing the company that it had recommended an enforcement action over its crypto business. The Robinhood decision follows a similar move with Coinbase (COIN), which 澳洲幸运5官方开奖结果体彩网:said last week that the SEC is seeking dismissal of a two-y꧒ear-old lawsuit against the cryptocurrency trading platform.

An SEC spokesperson declined to comment on the Robinhood decisio🎃n.

Robinhood Calls Move 'Return to The Rule of Law' at SEC

"Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities," Robinhood Chief Legal Officer Dan Gallagher said. "We appreciate the formal closing of this investigation, and we are happy to see a return to the rule of law and commitment to fairness at the SEC.”

Executives in the 澳洲幸运5官方开奖结果体彩网:crypto industry have been 澳洲幸运5官方开奖结果体彩网:optimistic about U.S. President Donald Trump's second term being friendlier to the industry than President Joe Biden's administration was. SEC Chair Gary Gensler, who was criticized by the crypto industry as too harsh, 澳洲幸运5官方开奖结果体彩网:stepped down in January. 澳洲幸运5官方开奖结果体彩网:Trump has nominated Paul Atkins, an SEC chair under President George W. Bush, 澳洲幸运5官方开奖结果体彩网:as Gensler's replacement, though he is still awaiting Senate confirmation.

Robinhood shares were down around 4% Monday morning. They have almost doubled in value since Trump's election win, recently hitting their highest point since the days following Robinhood's 澳洲幸运5官方开奖结果体彩网:2021 initial public offering.