CEOs of Robinhood, Reddit Set to Join YouTuber, Other Witnesses as Congress Looks Into Trading Halt
Michael Dyson was quoted in the article, "CEOs of Robinhood, Reddit Set to Join YouTuber, Other Witnesses as Congress Looks Into Trading Halt," published by Law360 [sub. req.].
The article discusses today's hearing, which follows the skyrocketing share prices of several companies, including GameStop and American Airlines, that led to the January 28 halt in trading for users of Robinhood and other online marketplaces — but not hedge funds and other institutional investors.
Mike comments that "Because it’s the government’s first public attempt to understand what occurred in January, I expect more hearings will be scheduled and include other stakeholders like the SEC, FINRA, and state securities regulators. It will be important to determine if a coordinated response can be achieved with these regulators and Congress. As part of that determination, Congressional inquiries will likely center on whether wholesale changes need be made to protect capital markets, market integrity in general and retail investors or if the market acted as intended but caused unintended consequences given zero commission online trading platforms and the power of social media."