I agree this isn’t about Robinhood’s solvency, but it also means they’re essentially unable to execute trades in a way that’s consistent with a free market.

Their business requires them to perform this function, and if they can’t do that because they’ve run out of their own money with which to underwrite these trades until settlement, then that’s very much a crisis of liquidity however you slice it (which you can’t because, you know, liquid. Badum-tisch).