'I Am Not a Cat': The GameStop Hearing Shows How Desperately a New Financial System Is Needed

What we learned from the congressional hearing featuring representatives from Reddit, Melvin Capital, Citadel Securities and Robinhood.

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ABOUT

What we learned from the congressional hearing featuring representatives from Reddit, Melvin Capital, Citadel Securities and Robinhood.

This episode is sponsored by Nexo.io.

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This week, instead of our normal Weekly Recap, NLW digs into Thursday’s congressional hearings around GameStop, Robinhood and WallStreetBets.

He explores:

Why there was a significant focus on T+2 settlement
Bipartisan agreement on retail investors getting screwed, but different diagnoses on how to address
Why Keith Gill, aka Roaring Kitty, aka DeepF***ingValue is a new American folk hero

Ultimately, NLW argues that any congressional action needs to make it easier for retail investors to be full participants in the market, rather than further limiting their options.

This week on The Breakdown:

Monday | The Mainstream Media Narrative Shifts as Deutsche Bank and Morgan Stanley Come to Bitcoin

Tuesday | Is $50,000 BTC the Beginning of a Bitcoin Supercycle?

Wednesday | Coinbase Trades at a $77B Valuation as BTC Heads Towards a $1T Market Cap

Thursday | How 2,000 Years of Monetary History Led Us to Bitcoin, Feat. Nik Bhatia

Friday | Bitcoin Is Now a Trillion-Dollar Asset: Where Do We Go From Here?

Image credit: lucushoule/r/WallStreetBets

HOSTS

Nathaniel Whittemore

NLW is an independent strategy and communications consultant for leading crypto companies as well as host of The Breakdown – the fastest-growing podcast in crypto. Whittemore has been a VC with Learn Capital, was on the founding team of Change.org, and founded a program design center at his alma mater Northwestern University that helped inspire the largest donation in the school’s history.