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Robinhood lobbying targets legislation that could hurt its business model

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Robinhood is preparing to lobby key pieces of legislation that if passed, could weigh on its business model.

The trading startup registered its in-house team to start lobbying on Feb. 5, according to a new registration report reviewed by CNBC.

The stock-trading startup registered its in-house team to begin lobbying on Feb. 5, according to a new registration report reviewed by CNBC. Robinhood has grown into one of Silicon Valley's most valuable private start-ups. It was last valued at $11.7 billion with backers including Sequoia and Andressen Horowitz. Despite the trading chaos and pushback in January, multiple venture capital investors told CNBC the company is still on track for an IPO in 2021.

The two lobbyists listed on the new filing are Beth Zorc, the associate general counsel of Robinhood, who has prior experience at Wells Fargo and the Senate Banking Committee, along with Lucas Moskowitz, the company's deputy general counsel. Moskowitz previous work included a stint as chief of staff to former Securities and Exchange Commission chairman Jay Clayton.

 

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