S.E.C. Describes the GameStop Frenzy, but Not What to Do About It

The frenzied trading in shares of GameStop and other so-called meme stocks last January led to big losses for some hedge funds, an outcry from retail investors who were suddenly shut out of buying and calls on Capitol Hill to overhaul rules governing the markets.

But a long-awaited report from the Securities and Exchange Commission on the…

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