The CEO of Robinhood Markets Inc (NASDAQ:HOOD) Vlad Tenev expressed his frustration with the U.S. Securities and Exchange Commission led by Chair Gary Gensler after the regulatory body issued a wells notice to the company’s crypto arm.

What Happened: Tenev, in a recent interview with CNBC’s Last Call, revealed that despite Robinhood’s efforts to engage with the SEC, the regulatory body’s response has been disappointing.

“We actually came in good faith to meet with the SEC. I think we met with them 16 times and, unfortunately, that was not reciprocated,” Tenev said.

Tenev said, “The SEC has the ability to change rules to allow brokers to accommodate crypto assets, and they don’t seem intent on doing that … that’s disappointing.” He added, “We do believe that crypto assets are becoming more and more important, and it would not be acceptable to us to not have Americans have access to them.”

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Robinhood’s crypto arm received a wells notice from the SEC, indicating potential enforcement actions related to its cryptocurrency operations. This notice followed a period of investigation into Robinhood’s cryptocurrency listings and custody, as well as its platform operations.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.