Donald Trump, who is friendly towards cryptocurrencies, won the U.S. presidential race, which might lead to a change in leadership at the Securities and Exchange Commission (SEC).
Robinhood, a trading app, has added new cryptocurrencies like Solana, Pepe, Cardano, and XRP to its platform. Coinbase, which already offered Solana, Cardano, and XRP, also added Pepe recently.
This move comes just a week after Trump’s election win, which is expected to bring a more favourable regulatory environment for cryptocurrencies.
Robinhood now offers 19 different cryptocurrencies for U.S. customers. The company announced this in a blog post, saying they are excited to expand their crypto offerings based on customer demand.
Coinbase also added Pepe to its platform, joining Robinhood in this expansion. Following these announcements, the prices of these cryptocurrencies, including Bitcoin, saw a modest increase.
Johann Kerbrat, vice president and general manager of Robinhood Crypto, said they have consistently heard from customers wanting more digital assets, and they are happy to provide that.
Trump, who will take office in January, is expected to support crypto innovation. He had promised to fire SEC Chair Gary Gensler, who has been critical of cryptocurrencies.
Last year, Robinhood stopped supporting some tokens like Solana and Cardano after the SEC named them as securities in a lawsuit against Binance and Coinbase.
Industry leaders are hoping for clearer guidelines from the SEC on which tokens are considered securities. The current SEC, under Gensler, has not provided much guidance but has sued crypto exchanges for allegedly offering unregistered securities.