The SEC’s implementation of FINRA’s repeal of the pattern day trader rule on June 4, 2026, helped drive gains of roughly 7% in Robinhood shares and 4% in Webull shares while intensifying retail crypto activity. Webull CEO Anthony Denier said buy-side orders for Bitcoin and ether rose almost 300% over the previous week and a half. The former rule required accounts making more than three day trades in five business days to maintain at least $25,000 in equity; it was approved for repeal by the SEC on April 14 and replaced with intraday risk-based margin standards under FINRA Rule 4210. Webull’s average account holds about $5,500, suggesting the change opened unrestricted day trading to many customers. Webull’s Q2 2026 revenue reached $198.83 million, above the $182.83 million consensus, while trading-related revenue rose 66% year over year to $147.7 million and daily average revenue trades hit a record 1.6 million. The durability of the activity surge and its effect on retail-investor outcomes remain uncertain.