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New SEC Chief Says Rules Need to be Updated to Counter Social Media Manipulation of Markets

Gary Gensler, the new SEC chief in a recent interview with CNBC talked about the need of updating regulations to counter the growing trend of social media manipulation of financial markets. The social media frenzy started this year with the GameStop short squeeze where a Reddit group by the name of wallstreetbets, that led to the skyrocketing of $GME stock Price and billion in liquidation in a short position. Gensler during the interview said,
“We are going to be freshening up our rules. To ensure that while retail investors and any individual have first amendment rights to speak– that they are not misleading the public, they are not manipulating the public, manipulating the market.”

“We are going to be freshening up our rules,” says SEC Chair on social media. “To ensure that while retail investors and any individual has first amendment rights to speak– that they are not misleading the public, they are not manipulating the public, manipulating the market.” pic.twitter.com/pz05

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Źródło: https://coingape.com/new-sec-chief-says-rules-need-to-be-updated-to-counter-social-media-manipulation-of-markets/

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