Initial public offerings can be successful (often) or unsuccessful (less common). But rarely can they destabilize an industry or imperil a fast-growing sector of the economy. Yet, that may have just happened, or be about to happen, in two long-anticipated IPOs: Didi Global, Inc. (Didi) and Robinhood Financial LLC (Robinhood). The former could bring to a screeching halt all cross-listings by Chinese issuers in the United States, and the latter will likely force the SEC to rethink its long-standing tolerance of payments for order flow. Although these developments could have occurred even without these two IPOs, both appear to have precipitated action by regulators. Both also underline the critical nature of the disclosure decisions made by securities lawyers, often under urgent time pressures.