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The House Financial Services Committee on Feb. 18 will hold a hearing titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide." Among those expected to testify is Vlad Tenev, CEO of stock trading app Robinhood.

Axios Re:Cap speaks with Rep. Patrick McHenry (R-N.C.), the committee's ranking Republican, on what he hopes to learn and what legislation or regulation might follow.

Go deeper

The middleman's moment

Illustration: Eniola Odetunde/Axios

The Reddit trading frenzy is bringing two middlemen of the financial system to the forefront.

Why it matters: The mania has exposed the inner-workings of the financial system — allowing trading platforms like Robinhood to shift some of the gaze toward at least one of these usually arcane players.

Class-action lawsuit against Robinhood filed in Tampa

Illustration: Brendan Lynch/Axios

The law firm Shumaker filed a class-action lawsuit in federal court in Tampa against the trading app Robinhood for preventing its members from trading GameStop shares on one day last week. 

Why it matters: The suit — brought by Floridians Taylor Perry and Kevin Shehan, plus California native Ryan Heitz and more than 100 putative class members — seeks $5 million in damages and could change the way the commission-free stock trading app functions.

Dion Rabouin, author of Markets
Feb 1, 2021 - Economy & Business

Why GameStop's stock could rise much, much higher

The meteoric rise in GameStop's stock price is being called a short squeeze by most but that's not what's happening, says an expert on short interest and the market.

Why it matters: That could mean that if and when the short squeeze does come, GameStop's price could soar significantly higher than its current levels.