Robinhood Statement on Massachusetts Securities Division
April 16, 2021
Today, the Massachusetts Securities Division said it would seek to
revoke Robinhoodís license in Massachusetts, which would prevent
millions of Bay Staters from accessing our service.
We love Massachusetts and our Massachusetts customers and we fully
intend to continue serving them for the long term. Robinhood has
helped bring millions more people into our financial system, and the
Massachusetts Securities Divisionís attempt to prevent Massachusetts
residents from choosing how they invest is elitist and against
everything we stand for. We don't believe our customers are naive as
the Massachusetts Securities Division paints them to be. Showing a
list of companies in a certain sector is not a recommendation.
Giving people information about the movement of the stocks they own
or watch is not a recommendation.
complaint reflects the old way of thinking: That new, younger, and
more diverse investors donít have a place in the markets. By trying
to block Robinhood, the division is attempting to bring its
residents back in time and reinstate the financial barriers that
Robinhood was founded to break down. We will stand with our
customers to enable them to have the investing experience they want.
We will not succumb to unfounded, politicized allegations and
unreasonable demands from the Massachusetts Securities Division. We
welcome the opportunity to correct the record on both the facts and
the law, and expect to prevail in state court.
We filed in Massachusetts State Court a complaint and motion for
preliminary injunction to prevent the Massachusetts Securities
Division from proceeding with their administrative case against
Robinhood Financial. The Massachusetts Securities Divisionís new
Fiduciary Rule exceeds its authority under both Massachusetts state
law and federal law.
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