1. 행정규제 기관의 권한 범위 한계
미국 증권거래위원회(SEC)는 형사 기소권한이 없는 순수 민사·행정 규제기관입니다. 2025년 1월 45억 달러 제재 사건에서 SEC는 ▲의심거래 보고 지연 ▲신원도용 방지 조치 미흡 ▲전자기록 보존 의무 위반 등 10개 이상의 위반 사항을 지적했으나[1][9], 이는 모두 1934년 증권거래법 제17a-3조 등 민사규정 위반에 해당합니다[13]. SEC는 연방법상 형사사건을 법무부(DOJ)에 이관해야 하며, 2025년 3월 FINRA의 2,975만 달러 추가 제재 역시 행정처분 범주에 머물렀습니다[8].
2. 형사 입증 요건의 높은 벽
형사 처벌을 위해서는 ▲고의성 입증 ▲명백한 법률 위반 ▲중대한 시장 왜곡 효과 증명이 필요합니다[7][18]. 2025년 SEC 최종 보고서는 Robinhood의 거래 제한이 “클리어링 하우스 증거금 요구 증가에 따른 위험 관리 조치”로 판단하며[9], 2024년 7월 연방항소법원은 “이용약관 제12조에 따른 합리적 조치”로 인정했습니다[1]. 내부 문서 분석 결과 의도적 시장 조작 증거는 확인되지 않았습니다[13].
3. 규제당국의 정책적 판단
SEC는 2025년 검사 우선순위에서 “시장 안정성 유지”를 최우선 과제로 지정하며[4], Robinhood 사례에서 다음 요소를 고려했습니다:
- 시스템적 리스크 방지: 2021년 1월 GameStop 주가 변동성(일일 78% 상승)이 금융시스템 전반에 미칠 영향 우려
- 집단소송 효율성: 50건 이상의 민사 소송 진행 중 중복 제재 회피 필요
- 선례 관리: 암호화폐 거래소 사례(Robinhood Crypto 무혐의 처리[3])와의 정합성 유지
4. 법적 절차의 실용적 접근
형사소추보다 민사합의가 가져오는 실질적 효익을 중시했습니다:
- 즉각적 자금 회수: 2025년 1월 45억 달러 제재금은 SEC 연간 예산의 6.5%에 해당[10]
- 시정조치 이행 보장: 내부 감사 실시, 블루시트 보고 시스템 개선 등 구체적 개선 약속[15]
- 사법 자원 절약: 평균 형사재판 소요기간(18개월) 대비 민사합의 처리기간(3개월) 차이[18]
5. 비교법적 관점에서의 타당성
유럽연합 시장남용규제(MAR) 제15조는 “유동성 공급자의 합리적 위험 관리 조치”를 처벌 대상에서 제외합니다[7]. Robinhood가 2021년 1월 28일 클리어링 하우스 요구에 따라 증거금을 3억 달러에서 10억 달러로 증액한 점은 국제 기준상 정당화 가능한 조치로 판단되었습니다[13].
결론: 규제 체계의 구조적 특성 반영
이 사례는 현대 금융규제의 본질적 한계를 보여줍니다. 2025년 SEC 연례 보고서는 “기술 발전 속도가 규제 프레임워크를 초과하는 상황”을 지적하며, 플랫폼 기업의 경우 의도성 입증 어려움이 형사처벌의 주요 장벽으로 작용함을 강조했습니다[4]. 민사 제재의 집중은 단순히 증거 부족이 아닌, 디지털 금융시대에 맞는 새로운 규제 패러다임의 필요성을 시사합니다.
출처
[1] Robinhood to pay $45M to settle SEC charges – Banking Dive https://www.bankingdive.com/news/robinhood-to-pay-45m-to-settle-sec-charges/737475/
[2] SEC Charges Robinhood Financial With Misleading Customers … https://www.sec.gov/newsroom/press-releases/2020-321
[3] SEC Closes Investigation Into Robinhood Crypto with No Action https://newsroom.aboutrobinhood.com/sec-closes-investigation-into-robinhood-crypto-with-no-action/
[4] SEC Division of Examinations Announces 2025 Priorities https://www.sec.gov/newsroom/press-releases/2024-172
[5] Types of SEC Enforcement Action – Federal Lawyer https://federal-lawyer.com/types-of-sec-enforcement-action/
[6] Can The SEC Bring Criminal Charges? – SECLaw https://seclaw.com/can-the-sec-bring-criminal-charges/
[7] [PDF] Criminal Enforcement of Securities Laws https://files.klgates.com/files/upload/se_manual_chapter_8.pdf
[8] Robinhood paying $29.75 million to end US regulator’s probes https://www.usatoday.com/story/money/business/2025/03/07/robinhood-paying-fira/82012940007/
[9] Two Robinhood Broker-Dealers to Pay $45 Million in Combined … https://www.sec.gov/newsroom/press-releases/2025-5
[10] Robinhood to pay $45 million settlement over SEC violations https://www.usatoday.com/story/money/2025/01/14/robinhood-45m-settlement-sec-violations/77694796007/
[11] How Investigations Work – SEC.gov https://www.sec.gov/about/divisions-offices/division-enforcement/how-investigations-work
[12] Can the Securities and Exchange Commission charge me with a … https://www.mololamken.com/knowledge-can-the-securities-and-exchange-commission-charge-me-with
[13] Robinhood Fine – $45M – SEC – Regulatory Violations – Jan 2025 https://www.steel-eye.com/news/robinhood-fine-45m-sec-regulatory-violations-jan-2025
[14] SEC Cases and Actions: A Different Way to Measure Securities … https://www.americanbar.org/groups/business_law/resources/business-lawyer/2024-2025-winter/sec-cases-securities-enforcement/
[15] Robinhood broker-dealers to pay US$45M in penalties for violating … https://www.securitiesfinancetimes.com/securitieslendingnews/industryarticle.php?article_id=227576
[16] Types of SEC Enforcement Action – The Criminal Defense Firm https://criminaldefense.com/fraud-crimes/securities-fraud/sec-enforcement/
[17] Robinhood to Pay $45 Million to Settle SEC Claims – Bloomberg News https://www.bloomberg.com/news/articles/2025-01-13/robinhood-to-pay-45-million-to-settle-sec-claims
[18] What Is the Difference Between a DOJ Civil Investigation and a DOJ … https://www.mololamken.com/knowledge-What-Is-the-Difference-Between-a-DOJ-Civil-Investigation-and-a-DOJ-Criminal-Investigation
[19] In the Matter of Robinhood Financial, LLC Admin. Proc. File No. 3 … https://www.sec.gov/enforcement/information-for-harmed-investors/robinhood-financial
[20] What Is The Difference Between Civil And Criminal Judgment … https://www.youtube.com/watch?v=N_Qc7Xki_ec
[21] U.S. federal court dismisses claims that Robinhood … – Linklaters https://www.linklaters.com/ko-kr/insights/blogs/bankinglitigationlinks/2022/february/us-federal-court-dismisses-claims-that-robinhood-wrongly-restricted-meme-stock-trades
[22] FINRA Orders Robinhood Financial to Pay $3.75 Million in … https://www.finra.org/media-center/newsreleases/2025/finra-orders-robinhood-financial-pay-375-million-restitution
[23] Robinhood to pay $45 mln to settle SEC charges over … – Reuters https://www.reuters.com/business/finance/robinhood-pay-45-million-settle-sec-charges-over-record-keeping-other-violations-2025-01-13/
[24] Watch This Space: DOJ Cryptocurrency Enforcement in the New … https://www.pryorcashman.com/publications/watch-this-space-doj-cryptocurrency-enforcement-in-the-new-administration
[25] Justice Department scraps crypto unit as Trump further loosens … https://fortune.com/crypto/2025/04/08/doj-ncet-disbands-memo-todd-blanche-trump/
[26] Class-action lawsuit filed against Robinhood following outrage over … https://www.cnn.com/2021/01/28/investing/lawsuit-robinhood-gamestop-wallstreetbets
[27] Robinhood to pay $70 million after causing users ‘significant harm’ https://www.cnbc.com/2021/06/30/robinhood-to-pay-70-million-dollars-after-causing-users-significant-harm.html
[28] Judge orders Robinhood to pay $9M settlement over its referral … https://cryptorank.io/news/feed/0b60e-judge-orders-robinhood-pay-9m
[29] US prosecutors launch criminal probe into GameStop mania: WSJ https://www.aljazeera.com/economy/2021/2/12/us-prosecutors-launch-criminal-probe-into-gamestop-mania-wsj
[30] Robinhood paying $29.75 million to end US regulator’s probes https://www.reuters.com/business/finance/robinhood-paying-2975-million-end-us-regulators-probes-2025-03-07/
[31] Judge nods Robinhood’s $9M ‘refer-a-friend’ lawsuit settlement https://cointelegraph.com/news/judge-nods-robinhood-9-million-text-promo-lawsuit-settlement
[32] [Serious] Why Has Robinhood Not Been Charged with Market … https://www.reddit.com/r/Superstonk/comments/1771r1m/serious_why_has_robinhood_not_been_charged_with/
[33] Robinhood Says SEC Planning Charges Against Cryptocurrency Arm https://www.forbes.com/sites/caileygleeson/2024/05/06/robinhood-threatened-with-sec-charges-over-its-crypto-trading-platform/
[34] NEWS: US trading giant Robinhood fined $45M for AML and … https://www.amlintelligence.com/2025/01/news-us-trading-giant-robinhood-fined-45m-for-aml-and-securities-breaches/
[35] Robinhood says SEC has closed its investigation into the company https://apnews.com/article/robinhood-sec-coinbase-cryptocurrency-biden-trump-d16d788760c6d38e0e4dd3c9e6620a22
[36] Appeals court dismisses Robinhood investors’ claims in ‘meme stock … https://www.courthousenews.com/appeals-court-dismisses-robinhood-investors-claims-in-meme-stock-short-squeeze-suit/
[37] [PDF] robinhood-AWC-030725.pdf – finra https://www.finra.org/sites/default/files/2025-03/robinhood-AWC-030725.pdf
[38] Robinhood to Settle SEC Charges of ‘Broad Array’ of Violations https://www.pymnts.com/news/regulation/2025/robinhood-to-settle-sec-charges-of-broad-array-of-violations/
[39] [PDF] robinhood-financial-awc-063021.pdf – finra https://www.finra.org/sites/default/files/2021-06/robinhood-financial-awc-063021.pdf
[40] SEC Prepares to Sue Robinhood Over Crypto Unit – WSJ https://www.wsj.com/finance/regulation/robinhood-gets-sec-notice-on-recommendation-of-enforcement-action-against-crypto-unit-9846e60c
[41] SBF’s Use of Robinhood Stock Showed Bid to Cloak Alleged Crimes https://markets.businessinsider.com/news/currencies/sbfs-use-of-robinhood-stock-showed-bid-to-cloak-alleged-crimes-doj-2023-1
[42] US DOJ announces seizure of 55M Robinhood shares – Cointelegraph https://cointelegraph.com/news/us-doj-announces-seizure-of-55m-robinhood-shares
[43] [PDF] Robinhood Comments Regulation Best Execution https://cdn.robinhood.com/assets/robinhood/legal/Robinhood-Comments-Regulation-Best-Execution.pdf
[44] Robinhood SEC charges: Firm to pay $45 million in penalties – CNBC https://www.cnbc.com/2025/01/13/robinhood-sec-charges-45-million-penalty.html
[45] Robinhood says SEC dismissed crypto unit investigation in latest … https://www.cnbc.com/2025/02/24/robinhood-says-sec-dismissed-crypto-unit-investigation-in-latest-sign-of-easier-regulation-for-industry.html
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