Robinhood has significantly expanded its list of cryptocurrencies available to US customers by adding XRP, SOL, ADA, and PEPE. This move comes amidst signs of a more favorable regulatory climate for the crypto industry.
New Cryptocurrencies on Robinhood
Robinhood (HOOD) now offers the ability to trade Solana (SOL), Pepe (PEPE), Cardano (ADA), and XRP (XRP), bringing the total number of available cryptocurrencies to 19. This announcement was made official on Wednesday.
Market Reaction and Expert Opinions
Following the announcement of new cryptocurrencies being added to the platform, their value modestly increased, alongside Bitcoin hitting a new all-time high of over $91,000. Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, remarked, 'We’ve consistently heard from our customers that they want access to more digital assets, and we’re excited to continue expanding our crypto offering.'
Regulatory Environment in the Crypto Industry
The announcement comes as President-elect Donald Trump is expected to support innovation in the crypto space. Among his campaign promises was the removal of SEC Chair Gary Gensler, known for his critical stance on the industry. Last year, Robinhood suspended support for several tokens, including SOL and ADA, after they were identified as securities in a lawsuit filed by the SEC against Binance and Coinbase. Industry leaders are seeking clearer guidance from the SEC regarding which tokens will be classified as securities.
The addition of new cryptocurrencies to Robinhood could spur further platform development and user interest, but the long-term outlook depends on changes in the regulatory landscape.
