Robinhood boss explains why he opposes calls to accept Shiba Inu
Robinhood Markets, Inc. (NASDAQ: HOOD) is under tremendous pressure to add Shiba Inu (CRYPTO: SHIB) to its list of negotiable instruments, but has so far not made a final decision in the case. New information indicates that there may be a plausible reason why the trading app is not trading.
What happened: The “When Shiba” question was inevitable for Robinhood executives at their earnings interview held late on Thursday. In a Q&A session moderated by Irvin Sha, Head of investor relations and capital markets, co-founder and CEO of the trading app Vlad Tenev gave a round answer to this persistent question.
Sha raised the question of whether Robinhood plans to open trading for other cryptocurrencies and whether the trading app will list Shiba Inu. In response, Tenev said they have heard from customers aloud.
“We know they want more cryptocurrencies on the platform, and we have actually engaged proactively with regulators,”[ads1]; Tenev said during the conversation.
The biggest concern about adding a large number of coins, said the CEO, is that many of them may be unregistered securities. The trading app wants to avoid the SEC’s investigation of listing cryptocurrencies, he added.
“That said, we have robust protocols in place. We feel very confident about the coins we have on the platform, and we intend to add more coins going forward that we want to do so carefully,” Tenev said.
The SEC has an ongoing legal battle with Ripple, with the regulator accusing Ripple’s chief executive officer and chief executive officer of raising funds since 2013 through the sale of XRP (CRYPTO: XRP), an unregistered security.
Robinhood may not want to rub the SEC the wrong way by listing a plethora of cryptocurrencies at random, instead waiting for more clarity on the regulatory front.
Related link: Shiba is added to this regulated crypto platform; Will Robinhood be next?
Why it’s important: The loyal follower of SHIBA – called SHIBARMY – has projected the potential addition to Robinhood as a “win-win” proposal.
In the midst of crypto and broader market declines, SHIB has returned, particularly from its $ 0.000088 all-time high of October 28, 2021. A Robinhood listing could help the meme crypt break out of the weak phase, given that would increase the availability and demand for the token and in turn the prices.
The latest figures from Robinhood show that it had around 17.3 million users as of December 2021.
At the last check, Shiba Inu was up 5.98% to $ 0.000021.
Related link: Following the Kraken listing, Robinhood under pressure to add Shiba Inu: Will the trading app yield results?
Photo: Courtesy of Miscellaneous Stock Photos on Flickr
