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XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found
XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found

Robinhood Didn’t Get Green Light From SIPC Before Debuting Its New Product

  • Alex Morris
    📰 News

    Robinhood’s new product, which is meant to rival traditional savings and checking accounts, might put investors at risk

Robinhood Didn’t Get Green Light From SIPC Before Debuting Its New Product
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According to CNBC, Robinhood didn’t bother to get the approval of the Securities Investor Protection Corp. (SIPC). The watchdog voices security concerns, which directly contradicts Robinhood’s earlier statement that the funds will be ensured by the SIPC.

A shot across the bow

On Thursday, Robinhood, a major app in the no-fee trading market, made a dizzying announcement about offering its clients checking and savings accounts with an interest rate of three percent. This is supposed to be a product that will rival traditional banks since the digital brokerage firm itself will be responsible for providing the savings service.

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Many contradictions

However, as it later turned out, the SIPC had no clue about Robinhood’s new ambitious project, according to SIPC CEO Stephen Harbeck. The watchdog claims that they never came in contact with the startup that now allows customers to hold cash in their accounts until they put this money into commodities.

Harbeck has serious concerns about Robinhood’s new offer, and whether it can be considered safe for investors. If the client doesn’t intend to buy securities, it is not guaranteed that the funds that are held in the brokerage account will be protected by the SIPC. First and foremost, it’s a dicey situation for investors who might not be aware of the fact that they might lose their money if things go south.     

In a long-term perspective, Harbeck believes it could have mammoth-size consequences for the whole banking industry.

Let the SEC decide  

The first thing that Harbeck did after finding out about the new product was to call the Securities and Exchange Commission (SEC), which oversees the SIPC. Now, the SEC has to decide whether Robinhood’s no-fee checking and savings accounts are safe for investors. According to CNBC, the federal regulator declined to give any comments on the matter.

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Tron Price Prediction [Updated]: Price Still Bullish Despite SEC Security Rumours

  • Jack Thomas
    🤷 Opinions

    While there are rumours that the SEC views Tron as a security, it has done little to affect its price

Tron Price Prediction [Updated]: Price Still Bullish Despite SEC Security Rumours
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Tron, with its BTT ICO that occured this week through Binance and was deemed quite successful, has seen some steady growth since last week and seems to be on a bullish path. However, there have also been some negative rumours swirling around the coin, but these do not seem to be having much of an effect, making one wonder about their validity.

Thomas Schulz, co-Founder and CEO of ChaChingWallet, put out a tweet claiming he had been warned by an ‘SEC insider’ to stay away from Tron, insinuating that the SEC would likely be declaring it as a security, which would cause huge ramifications for the TRX token.

However, a look at the charts and the general price prediction of Tron over the past few weeks seems to suggest that there may not be much to this claim. Either that, or not many are taking Schulz’s claims seriously.

Stay away

In a series of tweets, Schulz argues that TRX is a security and the SEC insider told him to “stay away from TRON.” However, the source didn’t give any more information, leading to this being mostly speculation.

Schulz clearly does not have much faith in Justin Sun or the Tron project as he accuses them of running a “vicious marketing campaign,” going on to add that “this isn’t a fruitful project.”

Markets moving on

Regardless of this rumour and Schulz’s tweets, the price prediction of Tron continues in an upward trajectory. TRX is up four percent in the last week but pretty stable in the previous day. All the same, the simple fact that prices are trending above the primary support and breakout level at 2.5 cents is bullish for TRX.

There is a lot of excitement and movement surrounding the TRX market at the moment, especially with the release of the BTT token and that avenue of businesses and adoption.

There has not been any major breakout in price, but the fact that there is growth despite attempts to spread fear, uncertainty and doubt means that Tron could be looking for a long-term price improvement over the next few weeks.

Since TRX prices are oscillating inside the Jan 28 high-low, every dip should technically be a buying opportunity with first targets at 4 cents and later 6 cents.

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