Members of Congress have their eyes on Robinhood.
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GameStop has taken a rollercoaster ride on the stock market this week thanks to a movement on Reddit. The spike in share prices caused some investing services and apps, including Robinhood, to restrict the trading of GameStop stock. This caused a backlash among users, and now some members of Congress are taking notice.
Rep. Alexandria Ocasio-Cortez, a Democrat from New York; Rep. Rashida Tlaib, a Democrat from Michigan; and Sen. Ted Cruz, a Republican from Texas, all were in agreement that there should be a hearing on Robinhood’s decision to restrict the trading of GameStop, AMC and other stocks on Thursday. The investing service said in a blog post Thursday morning that it would only allow the selling of shares from Blackberry, Express, Koss, Naked, Nokia, AMC and GameStop due to the recent market volatility.
Robinhood isn’t the only investing app to put restrictions on trading GameStop stock. Webull tweeted Thursday it would also prevent the buying of stocks from the video game retailer as well as AMC and headphone manufacturer Koss. TD Ameritrade said Wednesday it would restrict certain trades involving GameStop’s stock.
Robinhood didn’t immediately respond to a request for comment.
