> Robinhood gave privileged information regarding the details of securities to various capital groups, who directly benefitted. No it didn't, because it didn't

> Robinhood gave privileged information regarding the details of securities to various capital groups, who directly benefitted. No it didn't, because it didn't have privileged information about the securities. Just because it's a broker doesn't mean it has privileged information about the securities it brokers. Brokers do not typically have privileged information about the securities they broker. To have privileged information, Robinhood would need to be an insider to those securities. Which it isn't. I don't know what else to tell you - your understanding of the conditions required to meet the SEC's definition of insider trading is simply incorrect. You need to revisit the specific definitions of "insider" and its impact on confidentiality and fiduciary duty.