Robinhood Expands Crypto Offerings Following Trump’s Election Victory
Crypto-friendly Donald Trump’s recent presidential win is expected to bring significant changes to U.S. regulatory leadership, including at the Securities and Exchange Commission (SEC). The shift in tone toward the industry appears to be fostering optimism, with trading platforms like Robinhood and Coinbase responding by expanding their cryptocurrency offerings.
Robinhood (HOOD) announced on Wednesday that it has added Solana (SOL), Pepe (PEPE), Cardano (ADA), and XRP (XRP) to its list of tradable cryptocurrencies, bringing the total number available for U.S. customers to 19. The expansion comes just one week after Trump’s election victory, which is widely seen as heralding a more favorable regulatory environment for the crypto industry.
Coinbase (COIN), which already supported SOL, ADA, and XRP trading, joined Robinhood in adding PEPE to its platform, signaling growing interest in the token.
The announcement buoyed the market, with all four named tokens experiencing modest gains. Bitcoin also surged past $91,000, marking a new all-time high.
Johann Kerbrat, vice president and general manager of Robinhood Crypto, expressed enthusiasm for the move: “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.”
The timing of the additions aligns with the anticipated policy shifts under President-elect Trump’s administration. Trump, set to assume office in January, has pledged to fire SEC Chair Gary Gensler, a controversial figure in the crypto space, and establish a regulatory framework more supportive of blockchain innovation.
Last year, Robinhood delisted several tokens, including SOL and ADA, after they were identified as securities in lawsuits filed by the SEC against Binance and Coinbase. Industry stakeholders are now optimistic that the incoming administration will provide greater clarity on which cryptocurrencies are considered securities.
Under Gensler’s leadership, the SEC has not issued clear guidance on the matter, instead opting to pursue legal actions against exchanges for allegedly offering unregistered securities. With new leadership expected at the SEC, the crypto industry is hopeful for a fresh start and more supportive regulatory oversight.
