Robinhood Adds Solana, Cardano, XRP, and Pepe to Trading Platform
Trading app Robinhood has added four new cryptocurrencies: Solana, Cardano, XRP, and memecoin Pepe. This addition follows the SEC's classification of SOL and ADA as securities in its ongoing lawsuit against Coinbase from June 2023.
The SEC identified SOL, ADA, and 11 other crypto assets as securities during this legal action. Both tokens were also mentioned in the Wells notice issued to Crypto.com last month.
This development coincides with optimism in the crypto industry following Donald Trump's recent political win. His proposals to reform SEC leadership and position the US as a hub for digital asset businesses have generated positive sentiment.
However, even if Trump appoints a new acting chair, legal experts suggest he cannot entirely remove Gary Gensler from his commissioner role. The SEC staff must propose dropping lawsuits like the one against Coinbase, requiring a vote from the commissioners and court approval.
The situation involves multiple uncertainties, indicating caution is warranted.