The broker expects no change to HOOD's current U.S. crypto operations or asset listings - and expect the SEC to bring forward a suit within the coming months,
Our preliminary view is that HOOD would likely fight the SEC in court and has a higher likelihood to prevail than most U.S. competitors (if put in similar situations) given HOOD's stricter listings standards,
The worst case scenario from a revenue-at-risk perspective is if the SEC chooses to move forward with categorizing ether (ETH) as a security - as this likely makes up ~25% of HOOD's crypto assets/trading.
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