Friedberg argues FINRA's $70 million fine was sized to keep the SEC from regulating digital financial services.
“And, you know, putting that $70,000,000 fine on Robinhood was a big enough fine to say, you know what? We don't want the SEC coming in.”
Friedberg interprets the $70 million FINRA fine on Robinhood as industry self-regulation to prevent government intervention.
“I feel like the the Robinhood fine the FINRA fine of $70,000,000, was a good red herring for what's gonna happen in this industry which is that the big financial services firms wanna participate in this market and they don't want regulators coming in and reregulating the market.”
Friedberg argues the $70 million Robinhood fine was meant to prevent broader regulatory intervention in fintech.
“They they see the opportunity in the same way that the startups do. And FINRA is a self regulatory organization.”