Robinhood to Wait for Regulatory Clarity Before Listing Shiba Inu ($SHIB) and Other Cryptos, CFO Says
Popular commission-free trading platform Robinhood (NASDAQ:HOOD) is set to wait for regulatory clarity before listing new cryptocurrencies, including the meme-inspired cryptocurrency Shiba Inu ($SHIB), which over half a million users asked for.
According to a report published by Bitcoin.com, the trading platform’s Chief Financial Officer, Jason Warnick, revealed during The Wall Street Journal’s virtual CFO Network Summit that the company wants more clarity from regulators before adding new tokens, in response to a petition from the Shiba Inu community asking Robinhood to list it. Warnick was quoted saying:
We’re a highly regulated company in a highly regulated industry, and we think it’s important that we get a bit more clarity from regulators,
As CryptoGlobe reported, the Shiba Inu community has created a petition titled “Kindly request of Robinhood to list Shiba Inu coin” that has gathered over 555,000 signatures. In mid-October, the petition had around 240,000 signatures.
It mentions that Robinhood has listed Dogecoin ($DOGE), a rival meme-inspired cryptocurrency, that was a “huge success” for the trading platform. Robinhood listing Dogecoin was very positive for the firm as its revenue increased because of a DOGE trading frenzy seen this year.
Robinhood currently lets users buy, sell, and hold bitcoin, bitcoin cash, Litecoin, ethereum, ethereum classic, dogecoin, and bitcoin SV. It has launched a cryptocurrency gift program late last year, and its cryptocurrency wallets feature has a waitlist of 1.6 million people.
The price of Shiba Inu has recently surged after rumors suggested Robinhood was set to list it in February. Warnick’s comments seemingly dispel those rumors, as the CFO noted the company is focusing on compliance.
Warnick added that Robinhood has no plans to buy crypto for its corporate treasury as there “aren’t compelling reasons strategically for our business to put any meaningful amount of our corporate cash into cryptocurrencies.”
Last year Christine Brown, Robinhood’s Chief Operating Officer, praised the Shiba Inu community for expressing what it wants but did not add any details on whether or not the firm was planning to list the meme-inspired cryptocurrency.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.