Robinhood Chain: Open Rails, a Fenced-Off Flagship Asset

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On January 28, 2021, at the peak of the GameStop squeeze, Robinhood turned off the buy button. Users could sell GME, AMC, and a handful of other meme stocks, but they could not open new positions. Robinhood pointed to clearinghouse collateral requirements, which was a real constraint. But the image stuck: a brokerage…