The Securities and Exchange Commission is expected by Robinhood to be sending "blue sheet" customer trading data requests in the near future.
BREAKING: @RobinhoodApp expecting @SEC_Enforcement to ask for "blue sheet" customer trading data as it delves into the @RobinhoodApp - @reddit - $GME drama. More now @FoxBusiness @LizClaman
— Charles Gasparino (@CGasparino) January 28, 2021
"Blue sheets" refer to formal requests for information by the SEC concerning specific securities or transactions.
Robinhood gained public attention on Thursday after it began prohibiting its users from purchasing stocks in GameStop and other companies which have recently been subject to short squeezes. Independent investors have mass-purchased stocks in the company as hedge funds attempted to short the company's stocks.
Many have described Robinhood's actions as "market manipulation," noting that such restrictions drives the price of the stock down to the benefit of hedge funds shorting GameStop at the expense of independent investors.
Industry leaders, however, have alleged that the actions of the independent investors constitutes a sort of stock manipulation for the specific purpose of harming hedge funds. Many of these leaders have called upon the SEC and the federal government to intervene.
It is unclear what actions the SEC will take to handle the situation.
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