US Proposes New Rules to Curb 'Meme Stock' Rallies

America's Securities and Exchange Commission 'is considering broad changes to curb the frenetic trading of stocks based on social media activity,' reports Reuters:

The proposed overhaul would be the biggest change to Wall Street's rules since 2005 and would affect nearly every corner of the market, from commission-free brokerages to market makers and exchanges. The U.S. House Committee on Financial Services on Friday called for the SEC, along with other regulators, to do more to protect the markets from similar events....

The U.S. House Financial Services Committee on Friday urged Congress to adopt legislation mandating the SEC study how its rules need to change to address new technological developments, such as digital engagement practices and social media-driven market activity.

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