Rep. Sean Casten

@RepCasten ↗

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Last Checked Oct. 21, 2021

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Tue Oct 05 17:35:15 +0000 2021

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Rep. Sean Casten @RepCasten

In theory, there's no reason why responsible gamification couldn’t teach financial literacy & encourage responsible investing. But in practice, an app drawing young, inexperienced investors into high-volume day trades & complex options is not prioritizing users' safety. 5/ — PolitiTweet.org

Posted Oct. 5, 2021

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Rep. Sean Casten @RepCasten

To the public, @RobinhoodApp purports to be a democratizer of finance. To lawmakers, they claim to be a tech company. In neither case do they make a claim to maximize investor value. Robinhood’s algorithms are designed to feed fish to sharks. 4/ https://t.co/me4rPxE9I6 — PolitiTweet.org

Posted Oct. 5, 2021

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Rep. Sean Casten @RepCasten

Sadly, we have proof. I began sounding the alarm about Robinhood and trading apps when Alex Kearns, a 20-year-old college student from Naperville IL, took his own life after seeing a negative balance of more than $700,000 in his account. 6/ https://t.co/YJL5SfzEFZ — PolitiTweet.org

Posted Oct. 5, 2021