Robinhood CEO admits company did not respond perfectly to GameStop trading mania

Robinhood CEO Vlad Tenev apologized at a House hearing Thursday for the confusion caused by his platform's decision to restrict trading of certain "meme stocks," while admitting he did not handle the situation perfectly.Yes, but: Tenev later admitted the company made mistakes, but could not spell out what those mistakes were — before Congress moved on to the next question.Key exchange:Rep. Madeleine Dean (D-Pa.): "You admitted to making mistakes. Specifically what mistakes, did you make?"Tenev: "I admit to always improving. And certainly ... we're not going to be perfect. And we want to improve and make sure that we don't make the same mistakes twice."Dean: "But what are those mistakes? That's what we're here to learn about."Why it matters: The wild stretch of Reddit-fueled trading last month has resulted in intense scrutiny of the power of platforms like Robinhood, short-selling hedge funds and the stock market's plumbing.Citadel's Ken Griffin said the firm was "absolutely not" in contact with Robinhood over its decision to limit users' ability to buy those meme stocks.Keith Gill (aka "Roaring Kitty"), hedge fund manager Gabe Plotkin and Reddit CEO Steve Huffman received considerably less attention from lawmakers.The big picture: Regulators are scrutinizing what happened during the GameStop saga and whether there was wrongdoing.But there was no SEC representation at Thursday's hearing because Biden's pick to lead the agency has yet to be confirmed, said Rep. Maxine Waters (D-Calif.).Between the lines: Jennifer Schulp, director of Financial Regulation Studies at the Cato Institute, said she's seen "very little that would meet a test for [market] manipulation," but that doesn't mean the SEC shouldn't take a deeper look.What to watch: Waters, who chairs the committee, says there will be "probably two more" hearings related to the GameStop saga.The bottom line: The highly anticipated hearing revealed few new details about last month's "meme stock" phenomenon that shocked the world.There's still no definitive clue whether there will be any regulatory changes in response.

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