• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Friday, February 26, 2021
The Iowa Torch
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
No Result
View All Result
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
The Iowa Torch
The Iowa Torch
No Result
View All Result
Home Federal Government

Watch: Axne Questions Robinhood CEO on Gamification of Stock Trading

U.S. Rep. Cindy Axne to Robinhood CEO Vlad Tenev: "Why have you added specific gaming design elements to look like gambling to your app?”

byIowa Torch
February 18, 2021
in Federal Government
Reading Time:2min read
ADVERTISEMENT

WASHINGTON– On Thursday, U.S. Rep. Cindy Axne, D-Iowa, joined her colleagues on the House Financial Services Committee to conduct a hearing on recent market volatility related to purchasing of viral stocks through online trading platforms.

RELATED POSTS

Ernst: ‘We can, and we should, safely reopen our schools’

Axne Votes for the Equality Act, Feenstra, Hinson, and Miller-Meeks Oppose

Iowa Delegation Urges Vilsack to Expand COVID-19 Aid Programs for Iowa’s Family Cattle Feeders

Axne, a member of the Financial Services Subcommittee on Investor Protection, shared her own family’s experience with the Gamestop stock trading frenzy that took place on the trading platform Robinhood.

“Last month, of course, we saw this volatility with Gamestop and AMC, and the stocks started to rally, everyone seemed to get involved…that includes people like my nephew and his two friends who stayed up until four in the morning to see if they could get a piece of this action,” Axne said to Robinhood CEO Vlad Tenev. “Folks like my nephew aren’t your customers, they’re your product. Your customer is sitting right next to you…Mr. [Kenneth] Griffin of Citadel.”

Drawing from her experience working in user interface design through the digital design small business she owns with her husband, Axne focused on Robinhood’s gamification of the stock market through various features like offering free stocks for referrals and through contests.

“When people sign up, they get a scratch-off ticket to see what they get, confetti falls every time they place an order, they get push notifications, they’re encouraged to trade, if their friend signs up they get a free stock,” she said. “Why have you added specific gaming design elements to look like gambling to your app?”

Axne also focused her time at the hearing on what the increased interest in these particular stocks says about income inequality in the U.S.

ADVERTISEMENT

“One of the most concerning pieces…of this whole episode is how many people really felt like that’s what they needed to do to get ahead. To me, this just exemplifies the income inequality across America,” she said. “Right now, what I’m seeing is gambling on the stock market ­– and that’s not a real solution to that income inequality.”

 In her questioning, Axne cited a Yahoo-Harris Poll study that found that nearly 30% of American adults surveyed reported that they bought stocks of Gamestop and other viral stocks last month.

The hearing was attended by:

  • Vlad Tenev, Chief Executive Officer, Robinhood Markets, Inc.
  • Kenneth C. Griffin, Chief Executive Officer, Citadel LLC
  • Gabriel Plotkin, Chief Executive Officer, Melvin Capital Management LP
  • Steve Huffman, Chief Executive Officer, Co-Founder, Reddit
  • Jennifer Schulp, Director of Financial Regulation Studies, Cato Institute
  • Keith Gill, a Reddit user involved with the Gamestop trading frenzy
Continue Reading
Tags: Cindy AxneGamestopRobinhoodU.S. House Financial Services CommitteeVlad Tenev
ShareTweetShare
ADVERTISEMENT
Iowa Torch

Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans.

Related Posts

Axne Votes for the Equality Act, Feenstra, Hinson, and Miller-Meeks Oppose
Federal Government

Axne Votes for the Equality Act, Feenstra, Hinson, and Miller-Meeks Oppose

February 25, 2021
Iowa Delegation Urges Vilsack to Expand COVID-19 Aid Programs for Iowa’s Family Cattle Feeders
Federal Government

Iowa Delegation Urges Vilsack to Expand COVID-19 Aid Programs for Iowa’s Family Cattle Feeders

February 24, 2021
Hinson, Miller-Meeks, Axne, and Feenstra Sworn Into 117th Congress
Federal Government

Iowa’s U.S. House Members Urge Biden Admin to Include Iowa’s FQHCs in COVID-19 Vaccination Program

February 12, 2021
Axne Calls for President Trump’s Cabinet to Invoke the 25th Amendment
Federal Government

Axne Says Reynolds’ Proclamation Is ‘Shortsighted, Ill-Conceived’

February 5, 2021
Axne Criticizes Ongoing Use of Continuing Resolutions to Keep Government Open
Federal Government

Axne Self-Quarantines After Staffer Tests Positive for COVID-19

February 3, 2021
Axne Calls for President Trump’s Cabinet to Invoke the 25th Amendment
Federal Government

Axne Introduces Legislation to Provide Tax Relief to Unemployed Americans

February 2, 2021
Next Post
Iowa Senate Republicans Introduce Bill to Counter Big Tech Censorship

Iowa Senate Republicans Introduce Bill to Counter Big Tech Censorship

Iowa Senate Bill Cuts Funding for Cities and Counties that Reduce Law Enforcement Budgets

Iowa Senate Bill Cuts Funding for Cities and Counties that Reduce Law Enforcement Budgets

Sign-Up For Our Daily Updates


Recommended Articles

Axne Votes for the Equality Act, Feenstra, Hinson, and Miller-Meeks Oppose

Axne Votes for the Equality Act, Feenstra, Hinson, and Miller-Meeks Oppose

February 25, 2021
Speaker Pat Grassley’s Opening Remarks for 2021 Session

Speaker Pat Grassley’s Opening Remarks for 2021 Session

January 11, 2021
Ernst Expresses Concern About Trump’s Upcoming Senate Impeachment Trial

Ernst Expresses Concern About Trump’s Upcoming Senate Impeachment Trial

January 25, 2021

Popular Stories

  • Iowa Legislative Democrats Target Homeschoolers in 2021

    0 shares
    Share 0 Tweet 0
  • Iowa House Bill Limits Product Liability Lawsuits Targeting the Firearms Industry

    0 shares
    Share 0 Tweet 0
  • Iowa House GOP Introduces Bill Allowing Permitless Carrying of Firearms

    0 shares
    Share 0 Tweet 0
  • Wills Introduces Legislation as Iowa’s Check on Presidential Executive Power

    0 shares
    Share 0 Tweet 0
  • Hinson: Our Second Amendment Rights Are Coming Under Attack

    0 shares
    Share 0 Tweet 0
The Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans.

Categories

  • Education
  • Federal Government
  • Iowa History
  • Local Government
  • Opinion
  • Politics
  • State Government

Newsletter


© 2020 The Iowa Torch, a publication of 4:15 Communications, LLC.

No Result
View All Result
  • Home
  • About Us
  • Advertise
  • Contact Us
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion

© 2020 The Iowa Torch, a publication of 4:15 Communications, LLC.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?