Robinhood CEO calls on SEC to revise ‘outdated’ trading rules
United States lawmakers are set to grill Robinhood CEO Vlad Tenev over the GameStop (NYSE:) trading frenzy at a Congressional hearing later today.
In his prepared remarks, Robinhood CEO appeared to place responsibility for the platform’s stock trading suspensions on the U.S. Securities and Exchange Commission. Tenev said that the company blocked trading to meet “regulatory deposit requirements” defined by the SEC. The exec specifically criticized an SEC rule that requires equities transactions to clear over two days:
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