Reddit founder and chief executive Steve Huffman, Robinhood chief executive Vladimir Tenev, and other executives and individuals involved in the recent GameStop stock saga are preparing to provide testimony and answer questions before the House Financial Services Committee Thursday. The committee hearing follows public outcry against online trading platform Robinhood and other brokers’ decisions to restrict trading in so-called meme stocks last month.
It’s been three weeks since GameStop’s stock peaked at close to $500, and free-trading pioneer Robinhood restricted trading shares of the formerly lackluster companies that have become known on Reddit and elsewhere as “stonks”–including not just GameStop, but also AMC, Blackberry, and Koss. The move prompted outrage on Reddit’s WallStreetBets forum–one popular place where day-trading investors rallied behind the stocks–and calls from Rep. Alexandria Ocasio-Cortez and Sen. Ted Cruz for regulation.
That regulation, should it ever happen, is much further down the road. Tomorrow’s hearing simply could