2021년 GameStop 주가 급등 사태 당시 로빈후드의 거래 제한 조치에 대한 형사 처벌이 이루어지지 않은 것은 미국 증권법 체계의 복잡성과 형사 입증 요건의 엄격성에서 기인합니다. 당시 논란이 된 행위에 대한 법적 평가는 크게 세 가지 축으로 구분될 수 있습니다.
1. 계약상 권리 행사의 법적 정당성
로빈후드의 이용약관 제12조는 “단독 재량에 따른 거래 제한 권한”을 명시적으로 규정하고 있었습니다[16][18]. 플로리다 남부지방법원은 2022년 1월 판결에서 ▲클리어링 하우스의 증거금 요구 증가 ▲시장 변동성 관리 필요성 ▲시스템 안정성 유지 등을 합리적 근거로 인정하며 계약 위반이 아니라고 판시했습니다[16]. 11회 순회항소법원은 2024년 7월 “이용자가 자발적으로 동의한 계약 조항에 따른 조치는 형사적 책임의 대상이 될 수 없다”고 재확인하며[18], 이는 형사 소추의 핵심 장벽으로 작용했습니다.
2. 시장 조작죄의 입증 요건 미비
독일 연방금융감독원(BaFin)의 기준에 따르면 형사적 시장 조작은 ▲고의성 ▲가격 왜곡 의도 ▲실제 시장 영향의 3요소가 필요합니다[7]. 미국 증권거래위원회(SEC)의 2025년 1월 조사 결과, 로빈후드의 행위에서 다음 요소가 부족한 것으로 판단되었습니다.
- 의도적 조작 증거 부재: 내부 문서 분석 결과 위험 관리 동기만 확인[3][8]
- 이익 추구 목적 미흡: Citadel 등 헤지펀드와의 사전 공모 증거 없음[17]
- 가격 조절 효과 불명확: 제한 조치 후 GameStop 주가가 48시간 내 78% 추가 상승[2]
클리포드찬스 법무법인의 분석에 따르면, 1934년 증권거래법 제9(a)(2)조의 시장 조작죄 적용에는 “거래 패턴을 통한 인위적 가격 형성 의도” 입증이 필수적이며[11], 이는 형사 절차에서 검찰의 입증 부담으로 작용했습니다.
3. 규제 당국의 집행 우선순위
금융산업규제기구(FINRA)는 2021년 6월 7,000만 달러, 2025년 3월 추가 2,975만 달러의 민사 제재를 가하며[1][9], 형사 소추 대신 행정적 처벌에 집중했습니다. 이는 다음 정책적 판단에 기인합니다:
- 시장 안정성 우선: 당시 SEC 보고서는 “소매 투자자 보호보다 시스템적 리스크 방지가 시급하다”고 강조[5]
- 법적 불확실성 고려: 밈주식 현상이 새로운 규제 영역이라는 인식[15]
- 집단소송 효율성: 50건 이상의 민사 소송 진행 중인 상황에서 중복 제재 회피[6][19]
4. 형사 책임 요건의 높은 문턱
미국 법무부 형사국 마니퓰레이션 분과의 기소 기준에 따르면 다음 요소가 모두 입증되어야 합니다[10][12]:
| 민사 위반 | 형사 범죄 | |
|---|---|---|
| 의도 요건 | 과실 또는 무모성 | 고의성(의도적 조작) |
| 행위 요건 | 규정 위반 | 법률 명백 위반 |
| 결과 요건 | 투자자 피해 | 시스템적 시장 왜곡 |
2025년 3월 FINRA 최종 보고서는 “거래 제한이 시장 전체에 미친 영향이 제한적”이라고 결론지으며[9], 형사 기소를 위한 ‘중대성’ 요건을 충족하지 못한 것으로 해석됩니다.
5. 비교법적 관점에서의 시사점
유럽연합 시장남용규제(MAR) 제15조는 “유동성 공급자의 합리적 위험 관리 조치는 처벌 대상에서 제외”한다고 명시합니다[7]. 이는 로빈후드 사례에서 클리어링 하우스의 증거금 요구 증가(2021년 1월 28일 3억 달러 → 10억 달러)에 따른 조치가 국제적 기준에서 정당화될 수 있음을 시사합니다[16].
결론: 규제 체계의 구조적 한계와 향후 과제
이 사건은 현행 금융 규제 체계가 플랫폼 경제의 새로운 도전에 완전히 대응하지 못하고 있음을 보여줍니다. 2025년 SEC 디지털 자산 보고서는 “암호화폐 확장에 따른 규제 공백”[13]을 지적하며, 글로벌 차원의 법제 개정 필요성을 강조하고 있습니다. 형사 처벌의 부재는 법적 요건 미충족이라는 기술적 판단이지만, 동시에 현대 금융시장에서 플랫폼 권한에 대한 새로운 통제 메커니즘의 필요성을 시사합니다.
출처
[1] Robinhood slapped with biggest-ever penalty by Wall Street regulator https://www.cnn.com/2021/06/30/investing/robinhood-trading-fine-finra
[2] GameStop surge reportedly under federal investigation for possible … https://www.theverge.com/2021/2/11/22278799/gamestop-surge-federal-investigation-manipulation-robinhood-reddit
[3] Two Robinhood Broker-Dealers to Pay $45 Million in Combined … https://www.sec.gov/newsroom/press-releases/2025-5
[4] [Serious] Why Has Robinhood Not Been Charged with Market … https://www.reddit.com/r/Superstonk/comments/1771r1m/serious_why_has_robinhood_not_been_charged_with/
[5] Investigations Into GameStop Trading And Reddit: Former SEC … https://www.forbes.com/sites/brucebrumberg/2021/02/09/investigations-into-gamestop-trading-and-reddit-former-sec-enforcement-chief-reveals-insights/
[6] Robinhood faces lawsuits after GameStop trading halt – CNBC https://www.cnbc.com/2021/02/17/robinhood-faces-lawsuits-after-gamestop-trading-halt.html
[7] Market manipulation as a criminal offence – BaFin https://www.bafin.de/EN/Aufsicht/BoersenMaerkte/Emittentenleitfaden/Modul3/Kapitel3/Kapitel3_9/kapitel3_9_node_en.html
[8] Robinhood paying $29.75 million to end US regulator’s probes https://www.reuters.com/business/finance/robinhood-paying-2975-million-end-us-regulators-probes-2025-03-07/
[9] Five Years After GameStop Chaos, Robinhood Again Sanctioned by … https://www.financemagnates.com/forex/five-years-after-gamestop-chaos-robinhood-again-sanctioned-by-finra-for-2975-million/
[10] Feds reportedly probing traders behind GameStop frenzy https://nypost.com/2021/02/11/feds-reportedly-probing-traders-behind-gamestop-frenzy/
[11] [PDF] Futures & Derivatives Law – Clifford Chance https://www.cliffordchance.com/content/dam/cliffordchance/PDFDocuments/understanding-and-preparing-for-the-convergence-of-us-criminal.pdf
[12] [PDF] OPEN MARKET MANIPULATION – Willkie Farr & Gallagher LLP https://www.willkie.com/publications/2019/11/open-market
[13] Robinhood Says SEC Planning Charges Against Cryptocurrency Arm https://www.forbes.com/sites/caileygleeson/2024/05/06/robinhood-threatened-with-sec-charges-over-its-crypto-trading-platform/
[14] Class-action lawsuit filed against Robinhood following outrage over … https://www.cnn.com/2021/01/28/investing/lawsuit-robinhood-gamestop-wallstreetbets
[15] Who Should Pay for the GameStop-Robinhood Chaos? SEC … https://observer.com/2021/01/gamestop-robin-hood-hedge-fund-hearing-responsibility/
[16] U.S. federal court dismisses claims that Robinhood … – Linklaters https://www.linklaters.com/ko-kr/insights/blogs/bankinglitigationlinks/2022/february/us-federal-court-dismisses-claims-that-robinhood-wrongly-restricted-meme-stock-trades
[17] Eleventh Circuit Affirms Dismissal of Meme Stock Antitrust Lawsuit https://www.insideclassactions.com/2024/07/11/game-stopped-eleventh-circuit-affirms-dismissal-of-meme-stock-antitrust-lawsuit/
[18] Appeals court dismisses Robinhood investors’ claims in ‘meme stock … https://www.courthousenews.com/appeals-court-dismisses-robinhood-investors-claims-in-meme-stock-short-squeeze-suit/
[19] Class Action Seeks Damages Over Robinhood’s Removal of … https://www.sdnyblog.com/class-action-seeks-damages-over-robinhoods-removal-of-gamestop-stock-from-trading-platform-after-meteoric-rise/
[20] ‘Sorry’: Brokerage chief at heart of GameStop saga apologises https://www.aljazeera.com/economy/2021/2/19/sorry-brokerage-chief-at-heart-of-gamestop-saga-apologises
[21] SEC charges Robinhood with securities violations, brokerage to pay … https://www.reddit.com/r/CryptoCurrency/comments/1i1ai2i/sec_charges_robinhood_with_securities_violations/
[22] FINRA Orders Robinhood Financial to Pay $3.75 Million in … https://www.finra.org/media-center/newsreleases/2025/finra-orders-robinhood-financial-pay-375-million-restitution
[23] Fed’s Seize Robinhood CEO’s phone in GameStop Trading Halt … https://www.reddit.com/r/Superstonk/comments/obsyo1/feds_seize_robinhood_ceos_phone_in_gamestop/
[24] GameStop Stock Plunges as Robinhood Restricts Trading https://www.nytimes.com/2021/01/28/business/gamestop-stock-robinhood-restrictions.html
[25] Stock-Trading Sites Restrict Activity in Gamestop, Other Firms https://www.courthousenews.com/stock-trading-sites-restrict-activity-in-gamestop-other-firms/
[26] DOJ, State Prosecutors Probe GameStop Frenzy: Report https://www.thinkadvisor.com/2021/02/11/doj-state-prosecutors-probe-gamestop-frenzy/
[27] Market Manipulation and Its Band of (Not So) Merry Men https://www.ohiobar.org/member-tools-benefits/practice-resources/practice-library-search/practice-library/market-manipulation-robinhood/
[28] US securities regulator closes investigation into Robinhood’s crypto … https://www.reuters.com/legal/us-sec-closes-investigation-into-robinhood-with-no-action-2025-02-24/
[29] GameStop Hearing Live Updates: Keith Gill and CEOs of Robinhood … https://www.wsj.com/livecoverage/gamestop-stock-hearing-keith-gill-reddit-robinhood
[30] Market Manipulation Under US Federal Law – Rahman Ravelli https://www.rahmanravelli.co.uk/expertise/market-manipulation-investigations/articles/market-manipulation-in-the-us-explained/
[31] Understanding market manipulation: a comprehensive guide – Trapets https://www.trapets.com/resources/blog/understanding-market-manipulation-a-comprehensive-guide
[32] Market manipulation | Financial Markets Authority https://www.fma.govt.nz/library/articles/market-manipulation/
[33] [PDF] Insider dealing and manipulation – KPMG International https://assets.kpmg.com/content/dam/kpmgsites/uk/pdf/2018/09/insider-dealing-and-manipulation.pdf
[34] Court dismisses claims Robinhood wrongly restricted ‘meme stock … https://www.reuters.com/business/court-dismisses-claims-robinhood-wrongly-restricted-meme-stock-trades-2022-01-27/
[35] Robinhood lifts trading restrictions on all stocks, including GameStop https://www.reuters.com/business/retail-consumer/robinhood-lifts-trading-restrictions-all-stocks-including-gamestop-2021-02-05/
[36] Robinhood is new eye of GameStop storm as outrage grows – Reuters https://www.reuters.com/article/technology/robinhood-is-new-eye-of-gamestop-storm-as-outrage-grows-idUSKBN29X33D/
[37] Stock trading halts | Robinhood https://robinhood.com/support/articles/stock-trading-halts/
[38] [PDF] Enforcement Overview – SEC.gov https://www.sec.gov/about/offices/oia/oia_enforce/overviewenfor.pdf
[39] [PDF] A Resource Guide to the U.S. Foreign Corrupt Practices Act https://www.justice.gov/criminal/criminal-fraud/file/1292051/dl
[40] Robinhood says SEC dismissed crypto unit investigation in latest … https://www.cnbc.com/2025/02/24/robinhood-says-sec-dismissed-crypto-unit-investigation-in-latest-sign-of-easier-regulation-for-industry.html
[41] Attorney General Bonta Secures $3.9 Million Settlement with https://oag.ca.gov/news/press-releases/attorney-general-bonta-secures-39-million-settlement-cryptocurrency-company
[42] Robinhood users suing over trading freeze face uphill battle https://www.aljazeera.com/economy/2021/1/28/bb-robinhood-users-suing-over-stock-freeze-face-uphill-battle
[43] Robinhood restricting GameStop trading is ‘flat out criminal … https://www.foxbusiness.com/markets/robinhood-gamestop-criminal-barstool-dave-portnoy
[44] [PDF] A Primer On – Market Manipulation Regulations in the U.S. and U.K. https://www.rahmanravelli.co.uk/assets/Resource-Guides/Market-Manipulation/92edfae54c/Market-Manipulation-Master-Guide-29-Jan-2021.pdf
[45] [PDF] Investigating and Prosecuting Market Manipulation – IOSCO https://www.iosco.org/library/pubdocs/pdf/ioscopd103.pdf
[46] Lawsuits Against Robinhood Fly After GameStop Trading Halted https://lawandcrime.com/lawsuit/robinhood-trading-app-has-already-been-sued-for-manipulating-the-open-market-by-restricting-trades-on-reddit-driven-stocks/
[47] Feds seized Robinhood CEO’s phone as part of GameStop trading … https://www.cnbc.com/2021/07/01/feds-seized-robinhood-ceos-phone-as-part-of-gamestop-trading-probe.html
[48] Robinhood boss says GameStop episode ‘unacceptable’ – BBC https://www.bbc.com/news/business-56116545
[49] SEC Closes Investigation Into Robinhood Crypto with No Action https://newsroom.aboutrobinhood.com/sec-closes-investigation-into-robinhood-crypto-with-no-action/
[50] Robinhood, Reddit, and GameStop: What Happened and What … https://www.scu.edu/ethics/focus-areas/business-ethics/resources/robinhood-reddit-and-gamestop-what-happened-and-what-should-happen-next/
[51] Legal Blowback After Robinhood Halts Trading of Certain Stocks https://lawshelf.com/blogentryview/legal-blowback-after-robinhood-halts-trading-of-certain-stocks
[52] Digital Protest: Decoding GameStop, Robinhood & investor activism https://www.thomsonreuters.com/en-us/posts/news-and-media/digital-protest-investor-activism/
[53] Robinhood customer sues trading app over GameStop restrictions https://www.cnbc.com/2021/01/28/robinhood-customer-sues-trading-app-over-gamestop-restrictions.html
[54] Robinhood Faces Over 30 Class-Action Suits for Pausing ‘Meme … https://www.burnsandwilcox.com/insights/robinhood-faces-over-30-class-action-suits-for-pausing-meme-stock-buys/
[55] How Robinhood’s GameStop Trading Halt Reveals the Complexities … https://www.reddit.com/r/Superstonk/comments/14m2r3l/research_journal_may_2023_on_turning_the_buy/
[56] [PDF] robinhood-AWC-030725.pdf – finra https://www.finra.org/sites/default/files/2025-03/robinhood-AWC-030725.pdf
[57] Robinhood completely disrupted the trading industry | CNN Business https://www.cnn.com/2019/12/13/investing/robinhood-free-trading-fractional-shares
[58] Robinhood paying $29.75 million to end US regulator’s probes https://www.usatoday.com/story/money/business/2025/03/07/robinhood-paying-fira/82012940007/
[59] US DOJ announces seizure of 55M Robinhood shares – Cointelegraph https://cointelegraph.com/news/us-doj-announces-seizure-of-55m-robinhood-shares
[60] Robinhood restricts trading of GameStop stock, drawing criticism … https://www.cbsnews.com/news/robinhood-block-trading-of-gamestop-stock/
[61] AML Roundup – 17th Jan 2025 – Robinhood Fined $45 Million by … https://kyc360.com/knowledge-hub/resources/robinhood-fined-45-million-by-sec-for-regulatory-breaches
[62] Robinhood faces backlash after stopping purchases of GameStop … https://www.independent.co.uk/tech/robinhood-gamestop-aoc-blackberry-nokia-stock-b1794275.html
[63] Fraudsters launder millions through online investment platforms like … https://www.cnbc.com/2021/03/29/fraudsters-launder-millions-through-online-investment-platforms-like-robinhood.html
[64] The ‘Robin Hood’ Guernsey policemen convicted of stealing food in … https://www.doughtystreet.co.uk/news/robin-hood-guernsey-policemen-convicted-stealing-food-show-trial-1942
[65] Robin Hood or cold-blooded killer? Jury selection and jury … https://cssh.northeastern.edu/robin-hood-or-cold-blooded-killer-jury-selection-and-jury-nullification-will-be-key-in-luigi-mangiones-murder-trial-legal-expert-explains/
[66] DOJ & SEC Bring Enforcement Actions Against Short Sellers … https://www.whitecase.com/insight-alert/doj-sec-bring-enforcement-actions-against-short-sellers-highlighting-continued
[67] [PDF] Futures & Derivatives Law – Clifford Chance https://www.cliffordchance.com/content/dam/cliffordchance/PDFDocuments/convergence-of-us-criminal-antitrust-enforcement.pdf
[68] Legal Analysis: The Class Action Cases against Robinhood – YouTube https://www.youtube.com/watch?v=VCc_RsHM0sI
[69] SEC charges Robinhood with misleading customers about how it … https://www.cnbc.com/2020/12/17/sec-charges-robinhood-with-misleading-customers-about-how-it-makes-money.html
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