Robinhood Reinstates Solana, Cardano, and XRP; Adds PEPE Amid Regulatory Shifts and Rising Crypto Trading Volumes

Robinhood has brought back Solana (SOL), Cardano (ADA), and Ripple (XRP) to its platform. They’ve also added PEPE to their listings. This change comes after they removed SOL due to the SEC classifying it as a security.

Right after the announcement, Cardano (ADA) jumped by 7% in just an hour. PEPE saw an even bigger boost, rising nearly 20%!

Earlier in 2023, Robinhood had delisted Solana, Cardano, and XRP to stay in line with regulatory actions. This decision followed the SEC filing lawsuits against companies like Coinbase, accusing them of selling unregistered securities.

By reinstating these tokens, Robinhood seems to be adapting its listing policy as it anticipates changes in regulations after the upcoming US election.

Johann Kerbrat, VP of Robinhood Crypto, stated, “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.”

With Donald Trump winning the latest election, significant changes at the SEC are expected in 2025. Trump is already looking for pro-crypto leaders for key positions in the US Treasury and SEC.

Crypto has played a big role in boosting Robinhood’s revenue this year. Their Q3 2024 earnings report shows crypto trading volumes hitting $14.4 billion. That’s a remarkable 114% increase compared to the same time last year.

During Q3, Robinhood also explored new areas within Web3. They looked into the European stablecoin market in September and rolled out crypto transfer services in the EU shortly after.

In October, the company entered the political prediction markets, which signals their broader ambitions in decentralized finance. Paxos recently launched the “Global Dollar Network (USDG)” stablecoin, partnering with Robinhood, Kraken, and Bullish.

However, it hasn’t all been smooth sailing for Robinhood. They faced legal challenges this year, too. In September, the company agreed to settle customer complaints with payouts of up to $3.9 million, addressing issues that had been lingering for years.

Meanwhile, Ripple continues its high-profile legal battle with the SEC. Last month, Ripple filed a cross-appeal against the SEC’s claim that XRP is a security. John Deaton, a pro-XRP advocate, remains supportive of Ripple’s case, even while running for Senate. This highlights the broader regulatory stakes involved.