Robinhood Will Wait for Regulatory Clarity Before Listing Shiba Inu

Robinhood, a popular commission-free trading site, will wait for regulatory certainty before launching new cryptocurrencies, including the meme-inspired cryptocurrency Shiba Inu ($SHIB), which over half a million users requested.

Robinhood’s Chief Financial Officer, Jason Warnick, stated during The Wall Street Journal’s virtual CFO Network Summit that the company wants more guidance from policy makers before adding new tokens, in response to a query from the Shiba Inu community requesting that Robinhood list it. According to Warnick:

“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,”

The Shiba Inu community has garnered over 555,000 signatures on a petition titled “Kindly request of Robinhood to list Shiba Inu coin.” The petition had around 240,000 signatures by mid-October.

It discusses Dogecoin ($DOGE), a competing meme-inspired cryptocurrency that has been a “huge success” for the trading site. The addition of Dogecoin to the platform was extremely beneficial to the company, as its income rose as a result of the DOGE trading frenzy that occurred this year.

Users may presently purchase, sell, and hold bitcoin, bitcoin cash, Litecoin, ethereum, ethereum classic, dogecoin, and bitcoin SV through Robinhood. It started a bitcoin gift program late last year, and its cryptocurrency wallets feature has 1.6 million customers on the waiting list.

Shiba Inu prices have lately risen following speculations that Robinhood was planning to list it in February. Warnick’s remarks appear to debunk those allegations, since the CFO stated that the corporation is focused on compliance.

Warnick went on to say that the company has no intentions to acquire cryptocurrency for its corporate treasury because “there aren’t compelling reasons for our business to put any meaningful amount of our corporate cash into cryptocurrencies.”

Christine Brown, Robinhood’s Chief Operating Officer, complimented the Shiba Inu community for voicing its desires last year, but did not elaborate on whether the business planned to market the meme-inspired cryptocurrency.

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Patrick

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