MarketWatch writes "Robinhood quietly stops users from signing up for cash accounts amid scrutiny from regulators." It comments, "Robinhood, the no-commission stock trading platform, is no longer letting users sign up for its new cash management accounts. A section of the Robinhood app where users could put their name on a waitlist for the cash management accounts disappeared after some users updated the app over the past week. The change, which Robinhood did not announce, frustrated some users, who complained on Twitter and Reddit that were worried they would lose their spots on the waitlist for the cash management accounts." The article adds, "The change also raised more questions about the future of Robinhood's cash management accounts, which attracted the attention of U.S. senators after it was revealed that Robinhood had not consulted federal regulators about insuring the cash accounts." An earlier MarketWatch article said, "A bipartisan group of senators has raised concerns over Robinhood's so-called 'cash management' accounts. The senators wrote a letter Thursday to the heads of the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corp. (FDIC) and the Securities Investor Protection Corp. (SIPC), detailing their worries that Robinhood’s accounts and the marketing around them could 'mislead' consumers." (See also our Jan. 2 News, "Barron'​s Hits FinTech Money Markets; MarketWatch Slaps Wall of Cash.")

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