We didn't learn much new in today's hearing, but the spotlight was definitely on the gamified trading app, rather than the traders on r\/WallStreetBets. Vlad Tenev, Robinhood\u2019s CEO, very much occupied the hot seat in today\u2019s hearing before the House Financial Services Committee over January\u2019s market volatility.\u00a0None of the representatives seemed particularly interested in putting the screws to Reddit CEO Steve Huffman, and many seemed to give Keith Gill the same props the rest of us did. These aren\u2019t the market manipulators you are looking forGill, in all fairness, was the most likeable character involved, introducing his remarks by saying \u201cA few things I am not: I am not a cat and I am not an accredited investor.\u201d Gill, who really started this chain of events by posting about his investment into GameStop in June 2019, even doubled down on his opinion that GME remains a good buy today, at current prices. This is despite the fact that wild GME trading has attracted criminal investigation. That lack of scrutiny towards Gill and Huffman does much to quell widespread fear that the events surrounding explosive trading in GameStop (GME) shares at the end of January would kick off probes into social media platforms\u2019 role in potential market manipulation. This is even as the House Antitrust Subcommittee announced today more hearings to scrutinize the biggest players in social media. Reddit, for now, seems to have flown under the radar. Congressman Warren Davidson, who sits on the committee, noted this rare area of consensus, telling Cointelegraph: \u201cI was hopeful right out of the gate because early on in the news cycle AOC was sticking up for the Reddit users, saying these people should have a right to trade. And then Ted Cruz, on the other end of the political spectrum said, \u2018well, we agree.\u2019\u201dTenev\u2019s business modelThough broadly, Republicans were more lenient than Democrats in addressing Robinhood\u2019s activity, and especially the firm\u2019s controversial shut-off of buying but not selling of GME and other high-volatility stocks, everybody wanted answers from Tenev. The nature of Robinhood\u2019s revenue model, which is based on the sale of order flow, while advertising itself as commission-free, fell under mass scrutiny, as did it\u2019s dependence on a $3 billion injection of capital to meet collateral requirements. \u201cI believe a vulnerability was clearly exposed in your business model,\u201d said Congressman Anthony Gonzales while questioning Tenev. \u201cWe just can\u2019t live in a world where my constituents can have their shares liquidated if you can\u2019t make a capital call.\u201dMany called out Robinhood\u2019s claims to be busy democratizing finance. Tenev consistently pushed the figure of $35 billion as Robinhood users\u2019 total gains, which Rep. Jim Himes said \u201cyou and anybody else schooled in finance know is meaningless without a rate-of-return.\u201dBut while today\u2019s hearing revealed a lot of hostility towards Tenev, it wasn\u2019t all that educational. Despite Chairwoman Maxine Waters\u2019 admonition that \u201cThis is not political theater at all,\u201d there didn\u2019t seem to be any concerted sense of solutions to the epic trading that fueled GameStop\u2019s (GME) meteoric rise at the end of January.Real-time solution?Some proposals, including from Tenev himself, as well as Davidson, were that the situation would not have developed at all if the U.S. had trading that settled the day of, rather than two days later \u2014 termed T-0 rather than T-2. Tenev noted \u201cThe existing 2-day period to settle trades exposes investors and the system to risk.\u201dKenneth Griffin, CEO of Citadel, which he described as \u201cthe largest market maker in the world,\u201d disputed the likelihood of a real-time system for securities trading in the next several years, saying: \u201cThe issue is everything has to work perfectly.\u201d Real-time trading, he said, \u201crequires that every bit of the workflow is perfectly synchronized across the parties.\u201d Davidson disagreed, saying \u201cClearly in your business the technology exists for trading firms that are engaged in high-frequency trading.\u201dDavidson noted the potential role of blockchain. The potential of security tokens to solve issues with intermediaries and brokers has been one of the long-promised benefits of blockchain, though that is changing. Today\u2019s hearing was just the beginning, Chairwoman Waters affirmed. She said the committee aimed to hold two more with different witnesses.