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Robinhood Markets Inc. mentioned that regulatory intervention in cryptocurrency buying and selling, and in a fee association between brokerages and buying and selling corporations, might pose dangers to its enterprise.
The Menlo Park, California-based brokerage cited the dangers Friday in an amended submitting, searching for to hurry up approval for a beforehand introduced shareholder inventory sale. The agency pointed to feedback by Securities and Alternate Fee Chair Gary Gensler on current tasks the company is enterprise, together with reviewing a system known as fee for order stream that accounts for a major slice of Robinhood’s income, and evaluating digital forex markets.
“The regulatory panorama involving cryptocurrencies is continually evolving and is topic to vary,” Robinhood mentioned within the amended submitting.
The agency additionally famous that crypto trades made up a 41% share of its income within the second quarter, a interval when funding in digital currencies swelled. One other key stream of income, fee for order stream on inventory and choices trades, might additionally come underneath hearth by the SEC, Robinhood mentioned, citing a Gensler interview in August.
© 2021 Bloomberg L.P.
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