Legal professionals representing cryptocurrency and inventory buying and selling app Robinhood (NASDAQ:) clashed with these from Massachusetts’ Commonwealth Secretary’s Workplace over the legality of state regulation that would have an effect on how the corporate operates. markets to potential traders.
Commonwealth of Massachusetts Undersecretary William Galvin, the securities division of the workplace sued Robinhood in December 2020, alleging that the platform illegally focused inexperienced traders, saying the apply violated state fiduciary obligation requirements. Galvin reportedly stated on the time that Robinhood marketed itself as “some sort of recreation you possibly can win” and aimed to revoke the platform’s brokerage license in Massachusetts.
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