Earlier in the year, Robinhood (the popular retail trading platform) revealed that the lack of regulatory clarity in the digital asset space has informed its decision not to add new cryptos (including SHIB) to its trading platform. The company made the announcement informally through its CFO (Jason Warnick) during his keynote address at the wall street journal virtual CFO summit two months ago.
New Developments And A Possible Decision Reversal
However, the retail trading platform may be forced to reverse its decision following the signing of the hugely expected crypto executive order by President Joe Biden. According to this executive order, all relevant players in the crypto industry must partner with the authorities and recommend policies that can move the crypto industry forward.
This new order proves that the US government is ready to provide clear regulations over the crypto industry. Thus, giving Robinhood no other excuse not to increase the number of virtual assets listed on its platform, including Shiba Inu.
As the popularity of SHIB continues to soar in recent times, many Robinhood users had called on the platform to list the dog-themed digital asset, but the platform never answered officially until Warnick made the disclosure two months later. These users claimed that Robinhood’s listing of SHIB on its trading platform would benefit both parties.
The users cited the following factors as some reasons for Robinhood to list SHIB even if it wouldn’t list the others right away. There is a strong community behind SHIB (known as the SHIB army). The meme-themed token has enjoyed wider adoption and soaring popularity more than most other cryptos over the past 12 months.
A Win For The Platform And SHIB Army
If Robinhood should list SHIB, it will enjoy a massive influx of new users, many of whom have been itching to trade on the token. A side benefit of that listing is soaring profits for the platform through transaction charges. In addition, this listing would also enhance SHIB’s value and spread its adoption to new levels. An effect that all SHIB holders have been expecting to happen and believe will happen once the listing becomes a reality.
Now that the US government is taking the steps in providing regulatory clarity, it is only a matter of when and not if Robinhood will list SHIB on its trading platform. At the very least, the SHIB army expects the platform to make an official announcement about it once the regulatory policy becomes effective.
Another Reason For The Delay In The SHIB Listing
However, there have been other speculations on why Robinhood is delaying its SHIB listing. The rumor is that Robinhood wants to complete the rollout of its crypto wallet before considering any other listing. It has to be noted that Robinhood’s crypto wallet is already in the beta testing phase, with one thousand of its users testing the feature earlier in the year.
The platform has already announced that another 10,000 users will trail the feature this month. The SHIB army hopes that the passage of the regulation and the completion of the test phases for this new feature will enable Robinhood to list SHIB.