Rep. Sean Casten

@RepCasten ↗

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Last Checked May 13, 2022

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Thu May 06 22:21:38 +0000 2021

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Rep. Sean Casten @RepCasten

.@RobinhoodApp functions like a virtual casino gamified to harness human psychology—where market makers are the House—designed to drive frequent, short-duration, Roulette-like trades, ready to extract fast money from investors against the best interest of investors. — PolitiTweet.org

Posted May 6, 2021 Hibernated

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Rep. Sean Casten @RepCasten

In today’s @FSCDems hearing, I questioned SEC Chairman Gary Gensler on how fining Robinhood $65 million for misleading customers and failing to satisfy their duty of best execution isn’t a deterrent when they made $331 million off this practice in Q1 of 2021 alone. https://t.co/vnLrKTXM6U — PolitiTweet.org

Posted May 6, 2021 Hibernated

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Rep. Sean Casten @RepCasten

We all want to see investors create as much wealth as possible. But coupling gamification with an incentive-based on the spread, & you couple that with only funneling money to people who are on the spread, it's impossible to fulfill your best execution obligations. — PolitiTweet.org

Posted May 6, 2021 Hibernated