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US considers Robinhood to manage Trump-backed investment accounts for children

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The U.S. government is considering selecting Robinhood to help oversee new government-supported investment accounts for children, known as “Trump accounts,” according to a Bloomberg News report citing people familiar with the matter. The program would involve opening accounts for millions of U.S. children and placing Robinhood in a trustee role for the initial rollout.

The report said Robinhood has begun internal preparations in case it is chosen, while other major investment firms such as Fidelity Investments and Vanguard Group have not been approached for the first phase. The U.S. Treasury Department is expected to select up to three firms to serve as initial trustees, with a decision anticipated soon. Neither Robinhood nor the Treasury immediately commented on the report.

The accounts were announced this week by Donald Trump as part of a government-backed initiative aimed at encouraging long-term investing. Under the plan, the U.S. Treasury Department would deposit $1,000 into an investment account for every child born in the United States between 2025 and 2028. Treasury estimates suggest roughly 25 million families could qualify.

The administration projects that, without any additional contributions, the accounts could grow to about $5,800 by the time beneficiaries reach age 18. Trump has also urged U.S. businesses to contribute to the accounts on behalf of employees’ children, potentially increasing long-term returns. The proposal represents a significant expansion of government involvement in retail investing and could elevate the role of fintech platforms in public financial programs.

Texas governor bars state employees from using Shein, Alibaba products

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Texas Governor Greg Abbott has ordered a ban on state employees using products from several Chinese-owned companies, including Shein, Alibaba and TP-Link, citing concerns over data security and the privacy of Texans. The restriction applies to state-owned devices and networks and covers physical hardware, software and artificial intelligence tools.

The list of prohibited companies also includes online shopping platform Temu, battery maker CATL, Chinese drone manufacturer Autel and artificial intelligence firm iFlyTek. Abbott said the move was aimed at preventing potential access by the Chinese government to sensitive data handled by Texas state agencies.

The decision follows a broader trend among U.S. state and federal officials to limit the use of technology linked to China on security grounds. While Texas has taken a firm stance, the move comes as Washington and Beijing reached a temporary easing of tensions last October after years of trade and technology disputes.

Abbott’s order reflects ongoing concerns about foreign technology in government systems and adds Texas to a growing list of U.S. jurisdictions imposing restrictions on Chinese-linked products in the name of cybersecurity and national security.

X (Formerly Twitter) Sues Indian Government Over Expanded Censorship Powers

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In a new escalation of its legal dispute with India’s government, X, the social media platform formerly known as Twitter, has filed a lawsuit against the Indian Ministry of Information Technology (IT). The platform argues that the government’s expansion of censorship powers has unlawfully facilitated easier content removal, giving “countless” officials the authority to block online content without adequate legal safeguards.

The lawsuit, filed on March 5, claims that the Indian government has launched a new website through the Ministry of Home Affairs that allows government departments to issue content-blocking orders without stringent oversight. X argues that this mechanism bypasses the legal protections previously in place, which required content removal orders to be made only in cases of harm to national sovereignty or public order and were subject to the scrutiny of senior officials.

X’s legal team contends that the new website has created an “impermissible parallel mechanism” for censorship, allowing for “unrestrained censorship of information” within India. The platform is seeking to have the directive quashed in court.

This filing is the latest chapter in the ongoing conflict between X and Prime Minister Narendra Modi’s administration. In 2021, the platform was involved in a standoff with the Indian government over its refusal to comply with orders to block tweets related to a farmers’ protest against government policies. Though X eventually complied with these requests after facing public criticism, the legal challenge surrounding these decisions continues.

The case was briefly heard by a judge in the High Court of Karnataka state earlier this week, but no final ruling was made. The court is scheduled to hear the case again on March 27.