That was useful for me. Thank you Mr. Scholl. My preference is that the SEC should set the bar very low on securities fraud.
A crowd-sourced effort to manipulate the moves that other traders will make, is not good faith trading. It seems like these day traders may be applying the exact same kind of logic we just watched Trump apply to the USA for the past four years: "If I can do it, then it's allowed. If your system has loopholes, then I should be allowed to exploit those, and it's your fault." This is sociopathic at its core. Plus, the more complex things become, the more the system becomes advantaged for people who can afford to navigate the rules or defend a claim.
This isn't the way to go. Instead, the SEC should wield a massive deterrent hammer by being allowed to prosecute securities fraud in any arbitrary way they want, subject to broadly defined standards and guidelines. You can bet on prices, but you shouldn't manipulate them. You shouldn't manipulate other traders. You should consider yourself in risky territory even if these effects are secondary or tertiary.