Barclays says outcome unclear of Robinhood ‘Wells Notice’

Barclays keeps an Underweight rating on Robinhood Markets after the company received a “Wells Notice” from the SEC regarding the company’s crypto listings, custody of crypto assets, and platform operations. The firm says none of the assets listed on Robinhood have been identified as securities in other SEC actions, and it is unclear what specific issues the regulator may be taking with the company’s platform. The outcome of the notice is unclear, though company plans to operate business-as-usual, the analyst tells investors in a research note.