DD

Today, the U.S. House Committee on Financial Services updated their announcement for this Thursday's (May 6) hearing on all the fuckery that's been going on lately. As you may know, this time witnesses testifying will be newly-appointed SEC Chairman Gary Gensler and the heads of the DTCC and FINRA and I'm looking forward to a grilling from Chairwoman Rep. Maxine Waters and AOC, among others.

Hearing announcement:

https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=407748

What's interesting is that the committee uploaded a few draft bills that will be the subject of the hearing. The one that caught my eye is the following which will hold market makers like Citadel and Virtu (the two largest market makers shorting AMC right now) to account, and imposes REAL penalties for a change if passed.

Draft bill:

https://financialservices.house.gov/uploadedfiles/5.06.2021_bills-117pih-tradeahead.pdf

Members of the self-regulating agency, FINRA, which already regulates broker-dealers, already have a rule that applies to them, but not to market makers like Citadel, Virtu and other big shorting hedge funds, so this bill, if passed, or at least the threat of it being out there, is HUGE.

See FINRA rule here: https://www.finra.org/rules-guidance/rulebooks/finra-rules/5320

Also see this great article naming Citadel and Virtu (among others who most likely short AMC) for their high frequency trading market maker activities: https://medium.com/automation-generation/15-well-known-high-frequency-trading-firms-f45292c56d05

I know apes get discouraged sometimes, but this is huge. As I've noted in other posts, I'm a lawyer who works in government relations for a living and even though you won't read about this anywhere amongst all the crap FUD articles we always see, this draft bill is a HUGE shot across the bow to players like Citadel, Virtu and even Robbinghood. It's not about whether it will be passed right away but that it was made part of the May 6 hearing and is a threat to bad actors. And it may just pass too!

Hope you catch the hearing since it will livestream at the above link or you can watch it later.

For me, ?DIAMOND HANDS FOREVER (but me thinks it won't take that long)!?

https://gab.com/ChrisAndDebbie/posts/106182198268903464