Robinhood, a popular trading app, has expanded its list of cryptocurrencies available for trading on its platform for U.S. customers. The recent additions include Solana (SOL), Pepe (PEPE), Cardano (ADA), and XRP (XRP), bringing the total number of cryptocurrencies available on Robinhood to 19. This move comes shortly after the presidential election, which saw Donald Trump emerge as the winner, promising a more favorable regulatory environment for the crypto industry.
In addition to Robinhood, Coinbase, another trading platform, has also added Pepe to its list of tradable cryptocurrencies. The announcement of these new additions has caused a slight increase in the prices of the mentioned cryptocurrencies, as well as Bitcoin, which reached a new all-time high above $91,000.
Johann Kerbrat, the vice president and general manager of Robinhood Crypto, expressed excitement about the expansion of their crypto offerings, stating that customer demand for access to more digital assets has been a driving factor in their decision to add new cryptocurrencies.
The anticipation surrounding the incoming Trump administration is that it will be more supportive of crypto-related innovation, with promises to remove Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC), known for his critical stance on cryptocurrencies. This change in leadership is expected to bring about a more welcoming regulatory environment for the crypto industry.
However, it is important to note that Robinhood had previously removed support for some tokens, including SOL and ADA, following a lawsuit by the SEC against major crypto exchanges like Binance and Coinbase. The lack of clear guidelines from the SEC on which tokens are considered securities has created uncertainty for industry players, with some exchanges facing legal action for offering unregistered securities.
Overall, the addition of new altcoins to Robinhood and Coinbase reflects the growing demand for diverse investment options in the cryptocurrency market. As the industry continues to evolve, regulatory clarity and support from government authorities will be crucial in ensuring the stability and growth of the crypto market for investors and traders alike.
