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 securities law cannot afford. 

中文翻译：

---

论“五彩纸屑监管”：监管游戏化投资的错误方式

Robinhood 和类似的投资应用程序与视频老虎机有着令人不安的相似之处。这种“游戏化”的产品设计让投资者因过度交易而亏损。但如果监管机构试图通过软件去游戏化来解决问题，他们将选择证券法无法承受的第一修正案之战。