Robinhood CEO speaks out against SEC 'predictive data analytics' rules and gets support from Elon Musk

Vlad Tenev, co-founder and CEO of Robinhood, a cryptocurrency and stock trading service application, posted on social media that the US Securities and Exchange Commission (SEC) has proposed a new "Predictive Data Analytics" (PDA) rule that will severely restrict financial service companies from using technology to provide services to customers. Robinhood strongly opposes this because it will have a significant impact on investors. Elon Musk expressed his support and responded by saying "Our civilization is being strangled step by step." It is reported that the technology covered in the proposed SEC rule is widely defined as an analytical, technical or computational function, algorithm, model, related matrix or similar method or process used to optimize, predict, guide, predict or guide behavior or results related to investment, such as artificial intelligence, machine learning or deep learning algorithms, neural networks, NLP or large language models.