Robinhood Markets Chief Legal Officer Robinhood has been in constant discussions with the SEC regarding cryptocurrency operations for a year and a half

Gallagher stated that Robinhood is “committed” to registration and that the company has discussed obtaining a special purpose broker-dealer license with the SEC, which would allow the company to custody cryptocurrencies. He said, “One thing we are very clear about is that the special purpose broker-dealer framework does not apply to digital assets, so we are proposing modifications to make it work, and we accept comprehensive oversight from the Commission. Our relationship with SEC staff has been very cordial until early 2023, when we received a very dismissive notice from the Chairman’s office informing us that there was no reason to continue the conversation.”