Trading app Robinhood said Thursday that it plans to “allow limited buys” of stocks like GameStop on Friday, a development that comes hours after it moved to halt purchases.
Robinhood’s initial move sparked fury across social media — as well as the Reddit-based users affected by the operational change. It triggered at least one class-action lawsuit and drew the attention of members of Congress. Earlier Friday, Sen. Sherrod Brown announced that the Senate Banking Committee, which Brown is set to chair, will conduct a hearing into the situation at some point in the future.
“Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation and may make adjustments as needed,” Robinhood said. “To be clear, this was a risk-management decision, and was not made on the direction of the market makers we route to. We’re beginning to open up trading for some of these securities in a responsible manner.”
“We’ll keep monitoring market conditions as we look to restore full trading for these securities,” the firm said in its post.
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