IB 
Union Calendar No. 165 
117TH CONGRESS 
2D SESSION 
H. R. 4685 
[Report No. 117–231] 
To require the Government Accountability Office to carry out a study on 
the impact of the gamification, psychological nudges, and other design 
techniques used by online trading platforms, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 26, 2021 
Mr. CASTEN (for himself and Mr. FOSTER) introduced the following bill; which 
was referred to the Committee on Financial Services 
JANUARY 20, 2022 
Additional sponsors: Mrs. AXNE and Ms. UNDERWOOD 
JANUARY 20, 2022 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on July 26, 2021] 
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A BILL 
To require the Government Accountability Office to carry 
out a study on the impact of the gamification, psycho-
logical nudges, and other design techniques used by on-
line trading platforms, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SEC. 1. SHORT TITLE. 
This Act may be cited as the ‘‘Trading Isn’t a Game 
Act’’. 
SECTION 2. GAO STUDY ON THE GAMIFICATION OF INVEST-
ING. 
(a) STUDY.—The Comptroller General of the United 
States shall carry out a study on the impact of the 
gamification, psychological nudges, and other design tech-
niques of online trading platforms, including the following: 
(1) How, and to what extent gamification, psy-
chological nudges, and other design techniques are 
being used by online platforms in ways that are detri-
mental to investors. 
(2) How, and to what extent gamification, psy-
chological nudges, and other design techniques are 
being used by online platforms in ways that empower, 
inform, and educate investors. 
(3) The various ways brokers use gamification, 
psychological nudges, and other design techniques in 
marketing strategies that attempt to attract retail 
customers. 
(4) The various ways investment advisers or 
‘‘robo-advisers’’ 
use 
gamification, 
psychological 
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nudges, and other design techniques in marketing 
strategies that target or include retail customers. 
(5) The various ways in which brokers, invest-
ment advisers, or ‘‘robo-advisers’’ incorporate ‘‘game- 
like’’ features and designs in their online trading ap-
plications used by retail customers. 
(6) Whether certain platform use of gamification, 
psychological nudges, and other design techniques, in-
cluding ‘‘game-like’’ features, may constitute invest-
ment advice or recommendations under Federal secu-
rities laws and regulations, including Regulation Best 
Interest (17 C.F.R. 240.15l-1). 
(7) A comparison between the investment activ-
ity, habits, and risk tolerance, including a compari-
son between the stated preference of retail investors 
and their actual trading activity, of— 
(A) retail customers of firms that use 
gamification, psychological nudges, and other de-
sign techniques in marketing, or that incorporate 
‘‘game-like’’ features and designs in their online 
trading applications; and 
(B) retail customers of firms that do not 
use, or have limited use of, gamification, psycho-
logical nudges, and other design techniques in 
marketing and that do not incorporate ‘‘game- 
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like’’ features and designs in their online trading 
applications. 
(8) How, and how prominently, brokers, invest-
ment 
advisers 
or 
‘‘robo-advisers’’ 
that 
use 
gamification, psychological nudges, and other design 
techniques in marketing strategies that target or in-
clude retail investors, or that incorporate ‘‘game-like’’ 
features and designs in their online trading applica-
tions, are disclosing the risks associated with leverage, 
complex products, or excessive or frequent trading. 
(9) The various customer demographic categories 
(including age, net worth, and investment experience) 
of brokers or investment advisers, or ‘‘robo-advisers’’ 
that use gamification, psychological nudges, and other 
design techniques in marketing strategies that target 
or include retail investors, or that incorporate ‘‘game- 
like’’ features and designs in their online trading ap-
plications. 
(10) The relationship between (and any correla-
tion 
between) 
zero 
commission 
trading 
and 
gamification or investor susceptibility to ‘‘game-like’’ 
features. 
(11) The degree to which the types of retail trad-
ing activity that is incentivized by gamification (in-
cluding the specific asset classes promoted via 
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gamification) benefits, harms, or otherwise affects 
other market participants, and an analysis thereof. 
(12) The degree to which Securities and Ex-
change Commission’s Form BD and Form ADV can 
be revised to help the Commission better identify 
which registered firms use gamification, psychological 
nudges, and other design techniques. 
(13) Whether gamification, psychological nudges, 
and other design techniques have created investment 
activity or interest in the capital markets by women 
and minority groups. 
(14) Whether gamification, psychological nudges, 
and other design techniques have targeted women and 
minority groups or created particular risks for them. 
(15) Any data or legal challenges (e.g., so-called 
proprietary practices) that the Comptroller General 
encounters in preparing the report. 
(b) INVESTOR TESTING AUTHORITY.—The Investor 
Advocate of the Securities and Exchange Commission is au-
thorized to carry out investor testing as part of the study 
required under subsection (a). 
(c) GAO REPORT.—Not later than the end of the 270- 
day period beginning on the date of enactment of this Act, 
the Comptroller General shall issue a report to the Securi-
ties and Exchange Commission, the Investor Advocate of the 
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