Makena KellyCompte certifié

RM McHenry: "Some on the left are already floating new restrictions or think we should protect these so called 'retail investors' who in their eyes don't know the difference between Dogecoin and the Dow Jones without Congress telling them."

Note: Today's hearing is just the first from House Financial Services. Chair Waters said there will be two more: the next one will be with market and regulatory experts, and the last will focus on potential legislation.https://twitter.com/kellymakena/status/1362410702422609927?s=20 …

Wow, yeah. Extremely widely watched, and this is just the YouTube viewers.https://twitter.com/EFFFalcon/status/1362457472301080576?s=20 …

This hearing is truly of and for the internet. You have a Redditor in a gamer chair, speaking into a red mic and CNBC is straight up running Reddit comments on live television.https://twitter.com/jbillinson/status/1362459707437420547?s=20 …

Great q from @RepMaloney on Robinhood's customer agreement, pointing out the agreement notes that the company can, at any point, restrict trading, like it did in January. "You seem to reserve the right to make up the rules as you go along."

.@RepMaloney: Do you believe your lack of candor with your customers might have contributed to the wild speculation and confusion that resulted in the aftermath of your trading restrictions? Tenev: I apologize, and I'm not gonna say that Robin Hood did everything perfect.

We are nearly an hour and a half into this hearing and Reddit CEO Huffman has received zero (0) questions, I believe.

Wow, we got something out of him, but it was posed to... everyone: "I believe that investing is investing." Nice.

Gill says he's not sure about any legislation that should come out of the GameStop saga, but says investors like himself could benefit from more transparency.

Aaaaaaand we're getting into CoNtEnt MoDerAtion!!! @repdavidscott: What policies does Robinhood have in place on social media and how it drives the use of your trading platforms? Tenev: Currently, Robin Hood does not perform any sort of moderation of social media.

@repdavidscott, continues: “This episode exposes a serious threat to our financial system when tweets and social media posts do more to move the market than material, legitimate information. The risk is enormous.”

Did Elon Musk's tweets have "any significant effect of driving the rise of GameStop stock?" help

@RepJoshG asks Huffman: "What kind of authentication exists for Reddit users to confirm their identities to verify that they are even real people?" Huffman, of course, speaks to Reddit's view that anonymity is a key part of the Reddit platform.

Huffman: Investment advice is actually probably among the best [on Reddit], because it has to be accepted by many thousands of people before getting that sort of visibility.

AH SECTION 230

Plotkin: I think there'll be a lot closer monitoring of message boards ... we have a data science team they'll be looking at that.

Tenev says over 50% of Robinhood's revenue comes from order flow partnerships.

Oooo @AOC asks Tenev if he'd be willing to pass on payments for order flows over to Robinhood customers? Tenev clearly not committing to do so.