Senator Elizabeth Warren has sent a letter to acting chair of the Securities and Exchange Commission (SEC) Allison Herren Lee to request information on their plan to prevent “market manipulation” by small investors following the surge in GameStop’s market value.
“Casino-like swings in stock prices of GameStop reflect wild levels of speculation that don’t help GameStop’s workers or customers and could lead to market instability. Today I told the SEC to explain what exactly it’s doing to prevent market manipulation,” Warren tweeted Friday morning along with screenshots of her letter.
The five-page letter can be read here. In it she claims investors driving up the market value of GameStop and other stocks are “treating the stock market like a casino, giving little consideration to the companies, communities, workers, and consumers that may be affected by these risky bets.”
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