In a recent conference, Robinhood executive Dan Gallagher said that calling for a single regulator for all crypto assets is a ‘foolish’ move. He addressed a group of executives and CEOs on Nov. 17, claiming that a transfer of authority from the SEC and Department of Treasury to another autonomous body would be a disastrous move.
As we have moved towards the end of 2021, the world is seeing interesting regulatory changes across governments. While some governments are opening up to the idea of a cryptocurrency with the traditional economic framework, the United States has increasingly tightened regulators for digital assets.
It’s interesting to note that Robinhood has taken a different approach from its rivals in this situation. Rival companies like Coinbase had previously called for a single regulator across digital assets. Crypto exchanges like Binance have also mentioned the fundamental rights of crypto users in their new ad campaign. On the other hand, Robinhood has taken a more mild approach, inspecting its internal functions carefully. Dan Gallagher mentioned that while some rival companies provide over thirty cryptocurrencies, Robinhood hosts only seven. According to him, new coins have to be treated judiciously if they are to be declared securities by the SEC in the future. The tussle between Robinhood, Coinbase, and other crypto exchanges is now adding a new dimension to the already exciting regulatory landscape. How it all plays out will be instrumental in determining laws around cryptocurrency.