Comment Letters

SEC

Matt Billings, Vice President, Brokerage and President, Robinhood Financial and Robinhood Securities; April 2026File Number 4-887, SEC Roundtable on Options Market Structure Reform
; February 2026SR-FINRA-2026-001; Release No. 34-104746; Notice of Filing of a Proposed Rule Change To Adopt FINRA Rule 3290 (Outside Activities Requirements)
Vice President, Brokerage and President, Robinhood Financial and Robinhood Securities; February 2026SR–NASDAQ–2025–103; Release No. 34–104423; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Nasdaq Options 9, Section 25 To Codify an Options Unbundling Rule
Matt Billings, Vice President, Brokerage and President, Robinhood Financial and Robinhood Securities; February 2026SR-FINRA-2025-017, Release No. 34–104572; Notice of Filing of a Proposed Rule Change To Amend FINRA Rule 4210 (Margin Requirements) To Replace the Day Trading Margin Provisions With Intraday Margin Standards
Matt Billings, Vice President, Brokerage and President, Robinhood Financial and Robinhood Securities; October 2025File Number 600-39, Paxos Securities Settlement Company, LLC; Notice of Filing of an Application for Registration as a Clearing Agency Under Section 17A of the Securities Exchange Act of 1934
September 2025File Number 4-862, SEC Roundtable on Trade-Through Prohibitions
February 2024Options Price Reporting Authority; Notice of Filing of Proposed Amendment to Modify Section 5.2(c)(iii) of the OPRA Plan Relating to Dissemination of Exchange Proprietary Data Information (Release No. 34-99345; File No. 4-820)
March 2023File No. S7-32-22: Regulation Best Execution
March 2023File No. S7-31-22: Order Competition Rule
March 2023File No. S7-30-22: Regulation NMS: Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders
March 2023Regulation NMS (S7-30-22) Disclosure of Order Execution Information (S7-29-22)
August 2022Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change To Adopt Intraday Volatility Charge and Eliminate Intraday Backtesting Charge (Rel. No. 34-95286; File Number SR-NSCC-2022-009)
August 2022Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, To Revise the Excess Capital Premium Charge (Rel. No. 34-95026; File No. SR-NSCC-2022-005)
October 2021Request for Information and Comments on Broker-Dealer and Investment Adviser Digital Engagement Practices, Related Tools and Methods, and Regulatory Considerations and Potential Approaches; Information ..., Rel. Nos. 34-92766; IA-5833; File No. S7-10-21

FINRA

March 2026Regulatory Notice 26-02; Fraud Protection; FINRA Requests Comment on Rule Revisions to Help Member Firms Protect Senior Investors From Financial Exploitation and All Investors From Fraud
June 2025Regulatory Notice 25-04 (FINRA Launches Broad Review to Modernize Rules Regarding Member Firms and Associated Persons)
May 2025Regulatory Notice 25-05 (FINRA Requests Comment on a Proposal to Reduce Unnecessary Burdens and Simplify Requirements Regarding Associated Persons’ Outside Activities)
May 2025Requests for Comment on Trading and Clearing of “Perpetual” Style Derivatives and on Trading and Clearing of Derivatives on a 24/7 Basis
January 2025Regulatory Notice 24-13 (Retrospective Rule Review: Day Trading; FINRA Requests Comment on the Effectiveness and Efficiency of its Requirements Relating to Day Trading)
May 2022Regulatory Notice 22-08 (Complex Products and Options)
June 2021Regulatory Notice 21-17: Supporting Diversity and Inclusion in the Broker-Dealer Industry

CFTC

January 2026Requests for Comment on the Direct Clearing of Derivatives by Retail Participants
May 2025Requests for Comment on Trading and Clearing of “Perpetual” Style Derivatives and on Trading and Clearing of Derivatives on a 24/7 Basis
May 2024CFTC Proposed Rule on Event Contracts; Notice of Filing of Proposed Amendments to CFTC Regulation Section 40.11 (Rel. No. 8907-24; RIN 3038-AF14)

CFPB

October 2025Policy Regarding Implementation of Section 1033 – Personal Financial Data Rights

Other Agencies and Departments

August 2025Open Banking CEO Letter to President Trump
February 2024Request for Information on Financial Inclusion,TREAS-DO-2023-0014
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All investments involve risk and loss of principal is possible.

Commission-free trading of stocks, ETFs, and their options are offered through Robinhood Financial LLC (“RHF”), a registered broker dealer (member SIPC). Other fees may apply. See RHF's Fee Schedule. Fractional shares are illiquid outside of Robinhood and are not transferable. See the Fractional Shares section of our Customer Agreement. IPOs can be risky and speculative investments and may not be appropriate for every investor. Clearing services are offered through Robinhood Securities, LLC (“RHS”), a registered broker dealer (member SIPC).

Futures, options on futures and cleared swaps trading is offered by Robinhood Derivatives, LLC ("RHD"), a registered futures commission merchant with the Commodity Futures Trading Commission (CFTC) and Member of National Futures Association (NFA). Futures, options on futures and cleared swaps trading involves significant risk and is not appropriate for everyone. Please carefully consider if it's appropriate for you in light of your personal financial circumstances. Please read the Futures Risk Disclosure Statement prior to trading futures products, and please read the Forecast Contract Risk Disclosure for more information about the risks associated with forecast event contracts. RHD accounts are not protected by the Securities Investor Protection Corporation (SIPC) and are not Federal Deposit Insurance Corporation (FDIC) insured. RHD is not a bank. Prior to trading virtual currency Futures products, please review the NFA Investor Advisory & CFTC Advisory providing more information on these potentially significant risks.

Cryptocurrency services are offered through Robinhood Crypto, LLC (“RHC”) (NMLS ID: 1702840).

The Robinhood Money spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. Robinhood Gold Card is subject to credit approval and underwriting. Robinhood Gold Card is offered by Robinhood Credit, Inc. and is issued by Coastal Community Bank, pursuant to a license from Visa U.S.A. Inc. Robinhood Credit, Inc. ("RCT"), is a financial technology company, not a bank.

RHF, RHS, RHD, RHC, RHY, and RCT are affiliated entities and wholly-owned subsidiaries of Robinhood Markets, Inc.

RO 4180815

Robinhood, 85 Willow Road, Menlo Park, CA 94025. © 2026 Robinhood. All rights reserved.
Follow us on

All investments involve risk and loss of principal is possible.

Commission-free trading of stocks, ETFs, and their options are offered through Robinhood Financial LLC (“RHF”), a registered broker dealer (member SIPC). Other fees may apply. See RHF's Fee Schedule. Fractional shares are illiquid outside of Robinhood and are not transferable. See the Fractional Shares section of our Customer Agreement. IPOs can be risky and speculative investments and may not be appropriate for every investor. Clearing services are offered through Robinhood Securities, LLC (“RHS”), a registered broker dealer (member SIPC).

Futures, options on futures and cleared swaps trading is offered by Robinhood Derivatives, LLC ("RHD"), a registered futures commission merchant with the Commodity Futures Trading Commission (CFTC) and Member of National Futures Association (NFA). Futures, options on futures and cleared swaps trading involves significant risk and is not appropriate for everyone. Please carefully consider if it's appropriate for you in light of your personal financial circumstances. Please read the Futures Risk Disclosure Statement prior to trading futures products, and please read the Forecast Contract Risk Disclosure for more information about the risks associated with forecast event contracts. RHD accounts are not protected by the Securities Investor Protection Corporation (SIPC) and are not Federal Deposit Insurance Corporation (FDIC) insured. RHD is not a bank. Prior to trading virtual currency Futures products, please review the NFA Investor Advisory & CFTC Advisory providing more information on these potentially significant risks.

Cryptocurrency services are offered through Robinhood Crypto, LLC (“RHC”) (NMLS ID: 1702840).

The Robinhood Money spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. Robinhood Gold Card is subject to credit approval and underwriting. Robinhood Gold Card is offered by Robinhood Credit, Inc. and is issued by Coastal Community Bank, pursuant to a license from Visa U.S.A. Inc. Robinhood Credit, Inc. ("RCT"), is a financial technology company, not a bank.

RHF, RHS, RHD, RHC, RHY, and RCT are affiliated entities and wholly-owned subsidiaries of Robinhood Markets, Inc.

RO 4180815

Robinhood, 85 Willow Road, Menlo Park, CA 94025. © 2026 Robinhood. All rights reserved.