The Yale Law Journal

Kyle Langvardt

Forum

On “Confetti Regulation”: The Wrong Way to Regulate Gamified Investing

Kyle Langvardt & James Fallows Tierney

Robinhood and similar investment apps bear a disturbing resemblance to video slot machines. This kind of “gamified” product design drives investors to lose money by overtrading. But if regulators try to cure the problem by de-gamifying the software, they will pick a First Amendment fight that securi…