In his testimony, Tenev also referred to a Jan. 30 investor alert by the SEC that made it clear that broker-dealers had the right to reject or limit customer transactions for "legal, compliance, or risk management reasons." Tenev also denied reports that Robinhood blocked trading at the request of hedge funds, stating that any allegation that Robinhood acted to help hedge funds or other interests to the detriment of their customers is "absolutely false and market-distorting rhetoric." Robinhood's GameStop saga started on Jan. 28 when the company halted buying for GameStop stock and some other shares that were allegedly pumped through the r/Wallstreetbets Reddit community.