Staff Reports
Last Call – A prime-time read of what’s going down in Florida politics.
First Shot
The Robinhood trading app is under investigation by Attorney General James Uthmeier for what the state’s top prosecutor says are allegations of violating the Florida Deceptive and Unfair Practices Act.
Uthmeier said in a news release that Robinhood is allegedly promoting its platform as the least expensive for acquiring cryptocurrency. Uthmeier said that’s not true.
“Crypto is a vital component of Florida’s financial future, and President Donald Trump’s efforts to advance the crypto market will make America stronger and wealthier. When consumers buy and sell crypto assets, they deserve transparency in their transactions,” Uthmeier said. “Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive.”
Uthmeier’s Office has issued subpoenas for Robinhood’s internal documents. The company is headquartered in Menlo Park, California. Robinhood has until July 31 to respond to the subpoena.
Uthmeier’s Office contends that evidence shows Robinhood can be more expensive than trading on other platforms. The news release also said, “third parties that pay Robinhood for order flow might have to charge less favorable prices to the Robinhood customers they trade with to be profitable.”
Robinhood generates revenue by channeling customer trades to third-party firms that pay Robinhood for the opportunity to take the opposite side of the trades for their own customers. It’s a process called payment for order flow (PFOF).
“There is evidence that trading on Robinhood is actually more expensive than trading on competing platforms due to its PFOF structure versus competitors offering all-in trading costs,” the news release said.
“Our disclosures are best-in-class — We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction and the revenue Robinhood receives,” Robinhood General Counsel Lucas Moskowitz said in an email. “We are proud to be a place where customers can trade crypto at the lowest cost on average.”
Read more on Florida Politics.
Evening Reads
—”The surprising scientists hit by Donald Trump’s DEI cuts” via Kate Zernike of The New York Times
—”Trump loves ICE. Its workforce has never been so miserable.” via Nick Miroff of The Atlantic
—”This is DOGE 2.0” via Makena Kelly and Vittoria Elliott of WIRED
—”Every dirty gift Trump’s big bill gives the fossil fuel industry” via Antonia Juhasz of Rolling Stone
—”My rankings of the 10 Democrats most likely to win in 2028” via Chris Cillizza of So What
—”‘Sledgehammer’ to science: Job cuts, Trump budget plans spark hurricane fears” via Skyler Swisher and Martin E. Comas of The Orlando Sentinel
—”How this organic farm became one of Manatee County’s biggest players” via Michelle Stark of the Tampa Bay Times
—”A pocketknife and Bible songs: How a family of 9 escaped the Texas floodwaters” via Dan Frosch of The Wall Street Journal
—“Would this food label change how you eat?” via Kenny Torrella of Vox
—”Firings without explanation create culture of fear at Justice Dept., FBI” via Perry Stein of The Washington Post
Quote of the Day
“My fear is that we’re going to look back 25 years from now and say, ‘This is when the progress stopped.’”
— Former National Hurricane Center branch chief James Franklin, on NOAA budget cuts.
Put it on the Tab
Look to your left, then look to your right. If you see one of these people at your happy hour haunt, flag down the bartender and put one of these on your tab. Recipes included, just in case the Cocktail Codex fell into the well.
Publish or Perish is as real in media as it is in academia, and Florida Politics chose to publish. Check out the latest edition of INFLUENCE Magazine while you wait for the print copy to hit your mailbox.
Robinhood’s nemesis isn’t a sheriff, it’s an Attorney General — James Uthmeier gets a Nottingham Forest for taking action against the trading platform.
A cocktail would work wonders for all the stressed Florida parents out there … and there are a lot of them, according to Florida TaxWatch’s most recent report. Keep the kiddos out of the loop by pulling an Alan Arkin and mixing up a “Marmalade.”
Breakthrough Insights
Tune In
Final tune-up before last major of golf season this weekend
The final tune-up before the British Open concludes on Sunday with the Genesis Scottish Open (noon ET, CBS).
If you are looking for a potential omen for next week’s Open Championship, don’t look for the winners circle this week at The Renaissance Club in North Berwick, Scotland. Only one player has ever won the Scottish Open and subsequently won The Open. That was Phil Mickelson, who turned the trick in 2013.
Among the favorites this week is the top-ranked player in the world, Scottie Scheffler. The winner of the PGA Championship, Scheffler is in the midst of a remarkable run of form. He has played 14 PGA Tour events this season, finishing in the top 25 in each of them. He has finished in the top 10 nine times.
Chasing Scheffler is Rory McIlroy. The winner of this year’s Masters has a pair of top 10 finishes since his victory at Augusta National, but he struggled to a T47 finish at the PGA Championship and finished T19 at the U.S. Open at Oakmont.
Other players to watch include Xander Schauffele, Tommy Fleetwood and Collin Morikawa. Scotland’s Robert MacIntyre is the defending champion. He also finished as runner-up in 2023.
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Last Call is published by Peter Schorsch, assembled and edited by Phil Ammann and Drew Wilson, with contributions from the staff of Florida Politics.
