Robinhood Lists Arbitrum, ARB Token Surges 15% Following Announcement
Prominent U.S.-based crypto exchange Robinhood has announced the listing of Arbitrum (ARB), an Ethereum Layer 2 solution with a market cap of $1.8 billion.The exchange confirmed the listing via its social media handles, noting that the ARB token is now tradable on its platform. ARB joins 22 other crypto assets that Robinhood supports for trading activities.Other supported tokens include XRP, Ethereum, Cardano, and even meme coins like Shiba Inu, BONK, and dogwifhat (WIF).Meanwhile, there are still several notable coins that Robinhood has yet to list. Prominent names among them include TRON (TRX), BNB, and Algorand (ALGO). For these coins, the platform only provides real-time market data without supporting trading activities.Robinhoods Listing ApproachRobinhood is known for its cautious approach to listings. In the past, it has avoided listing even some of the most prominent crypto assets in the market, such as XRP and Cardano, due to regulatory concerns. Despite its regulatory caution regarding crypto asset listings, the platform faced scrutiny from the U.S. SEC under the regulator's previous leadership.However, with a change in leadership, particularly the acting chair, Mark Uyeda, the SEC has dropped its investigations into Robinhood and pursued no enforcement actions after previously issuing a Wells notice.According to Dan Gallagher, Chief Legal Officer, the investigations should never have occurred, stating that they were a pointless exercise as the platform has always aimed to be in good standing with regulators. Nonetheless, Robinhood expressed gratitude for the formal closure of the investigation and voiced optimism about a return to fairness and clarity from the SEC.Amid these changes, Robinhood is now welcoming more tokens, some of which it had previously distanced itself from due to fears of regulatory actions from the SEC.ARB Price SoarsFollowing the announcement of ARB's listing, the price of the token surged significantly. Specifically, the coin has risen by over 15%, trading at $0.4220, up from the earlier intraday low of $0.3519.
Text source: The Crypto Basic
