Robinhood CEO Vlad Tenev has been actively engaging with the US Securities and Exchange Commission (SEC) to discuss the company's efforts to register as a broker-dealer supporting crypto assets. Despite 16 meetings, the desired response from the SEC was not received, leading to a Wells Notice regarding Robinhood's crypto operations.

Tenev expressed his disappointment, stating that the SEC did not want to continue discussing the matter and could not see a way forward. This aligns with previous testimony from Robinhood's Director of Legal, Compliance, and Corporate Relations, Dan Gallagher, who mentioned over a dozen meetings with the SEC over a year and a half.

The Wells Notice received last week indicates the SEC's consideration of civil enforcement action or proceedings related to Robinhood's activities, mirroring increased regulatory warnings to US-based crypto companies. Tenev emphasized the importance of defending themselves and their customers, stating that blocking Americans' access to crypto assets is unacceptable. The SEC's preference for regulating through enforcement rather than changing regulations has led to this situation, and Robinhood is determined to advocate for its customers' interests.