The cryptocurrency unit of the American financial services company Robinhood is now in the clear as the Securities and Exchange Commission (SEC) has closed its investigation into the business. According to a blog post by Robinhood, the SEC revealed in a letter dated February 21 that it had wrapped up its investigation into the firm’s crypto operations and did not intend to bring any enforcement action against the company. SEC Closes Investigation Against Robinhood Recall that the SEC hit Robinhood with a Wells Notice in May 2024, indicating a threat of legal action over the firm’s alleged securities violations. CryptoPotato reported that Robinhood had allegedly violated Sections 15(a) and 17A of the Securities Exchange Act of 1934, which prohibited the company from inducing the sale of securities unless registered with the SEC and defrauding customers of their money through material omissions or misstatements. Possible remedies for the charges, if filed, included disgorgement, civil money penalties, a cease-and-desist order, and limitations on activities. The Wells Notice came 15 months after the SEC sent an investigative subpoena to Robinhood regarding its crypto operations. While responding to the agency’s actions last year, Robinhood said it was disappointed because it had made attempts to register its business and comply with the agency’s regulations. Regardless, the company insisted that the SEC’s case was weak because the assets on its platform were not securities. In the recent blog post announcing the Commission’s latest decision, Robinhood maintained that it had made difficult choices to delist certain assets classified as securities under the former SEC chair Gary Gensler, even though it disagreed with the argument that most crypto transactions were subject to federal securities laws. Robinhood Maintains Innocence Nevertheless, the company acknowledged the transition from a period of regulation by enforcement to a time of “regulation by regulation.” Crypto market participants will be provided with a clear regulatory framework, as promised by President Donald Trump during his election campaign. “We applaud the staff’s decision to close this investigation with no action. Let me be crystal clear—this investigation never should have been opened. Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities,” Robinhood’s chief legal officer Dan Gallagher said, adding “As we explained to the SEC, any case against Robinhood Crypto would have failed.” Meanwhile, Robinhood is not the only crypto company getting pardoned by the SEC. The securities agency has paused its lawsuit against the crypto exchange Binance and intends to withdraw a similar case against the trading platform Coinbase. The post Robinhood’s Crypto Unit Cleared as US SEC Wraps Up Investigation Without Action appeared first on CryptoPotato .
Fortnite’s recent addition of a fake cryptocurrency, Dill Bits, highlights the ongoing intersection between gaming and the volatile cryptocurrency sector. In a twist, the launch of a real Dill Bits
Fortnite added a fake “crypto coin” into the game to buy black market items—then degens launched a real one on Solana that quickly crashed.
Bitcoin has fallen sharply after falling below the critical $91,700 level, according to the latest analysis by crypto research firm MakroVision. The digital asset is currently testing a key support zone, raising questions about how much further it can fall. MakroVision notes that the strong impulsive move in Bitcoin’s price action could signal the presence of a C wave. A strong buying reaction at current levels is crucial to prevent further downside risk. The sell-off has brought Bitcoin directly to the 0.382 Fibonacci retracement level of the $86,350 range. According to the analyst firm, this area represents a strong area that, along with the liquidity zone, could trigger a potential reversal. However, if this support fails to hold, Bitcoin could fall further towards the green trend lines and align with the 0.5 Fibonacci retracement level of the $79,200-$82,000 range. Here are the critical areas according to the analytics company: $87,400-$89,800: A quick recovery above this zone could be a short-term bullish signal. $91,700: This former support level has now turned into resistance and will be a key level to reclaim for any upward momentum. *This is not investment advice. Continue Reading: What Are the Critical Levels for a Bullish Bounce Back in Bitcoin? Which Level Failure to Hold Could Lead to a Sudden Drop?
The Ethereum network faces challenges as the Pectra upgrade’s deployment on the Holesky testnet was delayed due to critical finalization issues. This setback raises concerns about Ethereum’s scalability enhancement plans
Chainflip, a decentralized cross-chain service and market maker, is implementing an upgrade to block illicit funds, specifically those from the recent Bybit hack. Hacked Funds Expose LPs to Excessive Risk Market maker Chainflip has announced it will proceed with a plan to enable interfaces to block illicit flows within the Chainflip protocol. Specifically, the market
Cathie Wood emphasizes Bitcoin's market resilience as a sign of healthy conditions. Institutional investment in Bitcoin is still in early stages but shows potential for growth. Continue Reading: Bitcoin’s Market Strength Signals Opportunities for Investment The post Bitcoin’s Market Strength Signals Opportunities for Investment appeared first on COINTURK NEWS .
GameStop is being pushed to put its money where the future is—Bitcoin. Matt Cole, CEO of Strive Asset Management, sent a letter on February 24 to Ryan Cohen, GameStop’s chairman and CEO, asking the company to convert a huge portion of its $5 billion cash reserve into Bitcoin. Strive manages exchange-traded funds (ETFs) that hold GameStop stock, and Matt claims this gives his company a “fiduciary responsibility” to advocate for decisions that maximize shareholder value. “We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier Bitcoin treasury company in the gaming sector,” Matt wrote in his letter. His argument? Holding cash is a losing game. Bitcoin, he claims, would protect GameStop’s reserves against inflation and help the company outpace monetary debasement. Letter addressed to Ryan Cohen, CEO of Gamestop, on a proposal to adopt the Bitcoin standard. According to Matt’s letter, GameStop has reduced operating losses and offset deficits through interest income from its cash holdings. He said: “By holding Bitcoin through this worldwide monetary revolution, GameStop can transform its substantial treasury from a slowly shrinking resource into a profit center. The moment is ripe now that new FASB accounting standards recognize unrealized Bitcoin gains as profit.” GameStop weighs Bitcoin move as stock surges by 20% Reports of GameStop considering Bitcoin and crypto investments have already sent GameStop shares surging 20% in after-hours trading. A February 14 report from CNBC claimed that GameStop is actively evaluating alternative assets, including Bitcoin. But the report did stress that the company hasn’t made a final decision and is still determining whether crypto aligns with its long-term strategy. Matt’s letter outlines a blueprint for how GameStop could execute a Bitcoin play. He suggests issuing at-the-market (ATM) offerings and convertible debt securities to raise capital specifically for Bitcoin purchases. Letter received. — Ryan Cohen (@ryancohen) February 25, 2025 The strategy is similar to Strategy’s aggressive accumulation of Bitcoin, a decision that completely redefined the company’s entire financial model. Matt also points to companies like Semler Scientific and MARA Holdings, which have seen stock rallies after adding Bitcoin to their balance sheets. He said that GameStop is in a prime position to do the same, especially after stabilizing its finances over the last two years. Matt told Ryan that: “Your stock is uniquely suited to purchasing additional Bitcoin to the benefit of your shareholders given its high trading volume. Continuing to issue new equity through an ATM program can generate capital quickly under favorable market conditions, enabling continued Bitcoin acquisitions.” Earlier this month, Ryan posted a photo with Michael Saylor, the Bitcoin maxi founder of Strategy, on X (formerly Twitter). While the report did confirm that Saylor isn’t officially advising GameStop, the meeting had the crypto community excited nonetheless. pic.twitter.com/wlOwEGli6n — Ryan Cohen (@ryancohen) February 8, 2025 Ryan, who bought GameStop shares in 2020 and joined the board in 2021, has been focused on cutting costs, closing unprofitable stores, and streamlining operations. And GameStop has experimented with crypto before. In 2022, the company launched a crypto wallet that allowed users to store digital assets and NFTs. But regulatory uncertainty led to the shutdown of the service in 2023. GameStop’s cash pile stood at $4.6 billion as of November 2, 2023, according to a December securities filing. Under Ryan’s leadership, the company has been strategic with its investments, but Bitcoin would be its biggest gamble yet. “Allocating treasury resources to cryptocurrencies beyond Bitcoin risks diluting shareholder value, as speculative alternatives can undermine GameStop’s financial stability and potentially impair your ability to raise future financing, including the Bitcoin financing strategies outlined below in Section 4,” said Matt Cole in his letter. Now GameStop of course is a legend in the meme stock sector, thanks to the rise of Keith Gill (Roaring Kitty) in 2021, who led a retail investor movement through YouTube livestreams and Reddit posts. Matt thinks: “By adopting a treasury strategy centered on adopting the Bitcoin Standard where Bitcoin is your hurdle rate for capital deployment in pursuit of your corporate mission, GameStop can move beyond “meme” sentiment, forging a stable foundation to drive sustainable shareholder value.” Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
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Ethereum’s Pectra upgrade faced finalization issues on Holesky testnet, delaying its expected rollout timeline.