U.S Lawmakers to Question China’s Role in GameStop Rise

February 18, 2021

download (26)

The U.S lawmakers are set to question a broker named Keith Gill and the chief executives of Robinhood and Reddit regarding their roles in the GameStop pump at a congressional hearing later this week. 


However, as per the Politico report, several republican regulators on the House Financial Services Committee aim to examine Reddit’s ties to Robinhood rival Moomoo and Chinese tech conglomerate Tencent.


Although, it is still unclear from the report as to why these lawmakers wish to investigate these Chinese firms and what specific questions they plan to ask during the meet, which will take place on Thursday, as per the declaration by the one who chairs the committee, Rep. Maxine Waters.


The GameStop hearing comes when techno patriotism is running high in the U.S. and, China. Policymakers have forced or attempted to force limitations that quicken the decoupling of computerized stages. 


Political theater aside, there might be a couple of reasons these officials are taking a gander at China. One is the chance of Chinese retail financial backers’ energy to hop into the GameStop stock furor. The other is the proceeding with the impact of Chinese-claimed exchanging applications in the U.S.


China has exactly 167 million retail financial backers who hold more than 28.5% of the over market estimation of the Chinese securities exchange. Chinese retail financial backers can exchange GameStop stock by means of Chinese online business stages with U.S. intermediary licenses, for example, Moomoo and Webull. Both Moomoo and Webull, which are significant Robinhood rivals in the U.S., are established by previous workers of Tencent and Alibaba, separately. 


Webull turned into the second most well-known application in the U.S. around when online businesses were confined from purchasing GameStop and AMC Entertainment stocks. Both Webull and Moomoo have become elective stages for retail financial backers as Robinhood grapples with kickback brought about by its exchanging limitations.


Image Courtesy : Pixabay

Exclusively hand curated news, written precisely in short by our editors for a 60 seconds read! We understand that reading multiple news from various resources could be monotonous, time consuming and less interesting. At Dcryptonews, you will experience a new style of reading news with smart keyword, ease of language that is easy to read for a quick news grasp.


Leave a Reply

Your email address will not be published. Required fields are marked *