(RepublicanPress.org) – A popular online trading app developed by Robinhood Markets, Inc. set off fireworks with its decision to restrict trading. Specifically, GameStop shares disappeared from the list of tradable stocks after Reddit users teamed up to boost shorted stocks.
Robinhood users filed a class-action lawsuit against the company in federal court on January 28. The lawsuit claims it removed GameStop from its platform, depriving traders of the ability to take advantage of market fluctuations.
Several lawmakers from both sides of the aisle weighed in on the controversy. Sen. Marsha Blackburn (R-TN) encouraged Robinhood to release the restrictions.
Free the traders on @RobinhoodApp.
— Marsha Blackburn (@VoteMarsha) January 28, 2021
Sen. Ted Cruz (R-TX) retweeted a hilarious video posted by the Barstool Sports app.
Robinhood right now: pic.twitter.com/d1apNRnjG7
— Barstool Sports (@barstoolsports) January 28, 2021
Progressive firebrand Rep. Alexandria Ocasio-Cortez (D-NY) also posted a tweet stating she would support an investigation into Robinhood as a member of the House Financial Service Committee.
Robinhood Market’s future remains uncertain. So far, the company is standing by its decision. We will keep you advised as events surrounding this controversy arise.
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