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Chances are you’ll be shocked to seek out out why.
Key factors
- There’s ample demand for Robinhood so as to add extra cryptocurrencies.
- CFO Jason Warnick not too long ago addressed the calls to make Shiba Inu and different cash tradeable on Robinhood.
- Warnick made clear that extra currencies probably will not be added any time quickly for a easy cause.
Robinhood is a well-liked buying and selling platform, particularly amongst individuals who spend money on cryptocurrencies. That is why it in all probability will not come as a shock to listen to that tons of of 1000’s of individuals signed a petition asking the brokerage agency so as to add extra cash to its lineup. Particularly, the petition requested the addition of Shiba Inu (SHIB) as a buying and selling possibility on Robinhood.
Regardless of these calls to supply extra digital currencies, Robinhood has made clear that it will not be including Shiba Inu or different digital cash to its lineup proper now. Its present record consists of Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), and others.
Here is why traders should not count on to see extra digital currencies from this brokerage agency any time quickly.
Regulation performs a key function
Robinhood’s chief monetary officer, Jason Warnick, not too long ago defined the corporate’s reluctance so as to add Shiba Inu whereas talking at The Wall Avenue Journal’s digital CFO Community Summit in January. “We’re a extremely regulated firm in a extremely regulated trade, and we predict it’s essential that we get a bit extra readability from regulators,” Warnick stated. He went on to clarify that complying with authorities laws is one in every of Robinhood’s largest priorities.
Not too long ago, there have been some efforts on the a part of lawmakers to crack down on cryptocurrency. So it isn’t stunning that Robinhood leaders need to get clear on what shall be allowed on crypto buying and selling platforms — and what new burdens brokerage corporations might face sooner or later to make buying and selling digital cash doable. The very last thing a brokerage agency needs is to start permitting customers to commerce extra cash, solely to have to tug again on their choices or to get caught navigating main regulatory modifications if legal guidelines shift.
Robinhood’s chief authorized officer, Dan Gallagher, has beforehand spoken out towards further cryptocurrency laws. He is cited Dodd-Frank reforms and the complexity they create as one cause why lawmakers should not do extra. Gallagher even went as far as to name the thought of imposing new laws on cryptocurrencies “one of many stupidest concepts” he’s heard in a very long time.
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Nevertheless, with the Securities and Alternate Fee indicating further regulatory motion on crypto is a precedence, the probability there’ll quickly be extra guidelines to observe is excessive. And meaning Robinhood would want to conform, regardless of Gallagher’s opinion that these guidelines aren’t crucial.
Some platforms do supply SHIB and different cryptocurrencies
Whereas Robinhood might not be keen so as to add to its cryptocurrency lineup, there are many different brokerage corporations on the market that do present entry to Shiba Inu and that often replace their crypto choices.
If you happen to’re in search of a wider choice of digital currencies to purchase, and you discover Robinhood’s choices too restricted, take a look at a number of the greatest cryptocurrency apps and exchanges to discover some options.
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