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Photo: Andrew Harrer/Bloomberg via Getty Images

Wall Street's top regulator says a report examining meme stock mania will be coming "sometime this summer."

The big picture: It will "detail the range of activities" that came out of the January events," SEC chair Gary Gensler said Thursday at a third congressional hearing held to dissect the GameStop trading phenomenon.

Why it matters: The report could be a blueprint for tougher regulation — or a signal that the market chaos won't lead to anything beyond the attention frenzy that's since dried up.

Catch up quick: Gensler fielded the majority of lawmaker questions, though two of the saga's other key players — the head of a clearinghouse and the top executive at the Financial Industry Regulatory Authority — testified alongside him.

One fiery exchange: Gensler was pressed on whether investing is gambling. He wouldn't say.

  • "It's risk-taking and risk-taking can be in different forms — I'm trying to use my words carefully," Gensler said.
  • It's a debate that has dragged in legendary investors like Warren Buffett and Charlie Munger, who have blamed Robinhood for turning the stock market into a casino — something the trading app pushed back on.
  • Gensler noted the SEC is examining options for apps like Robinhood that "gamify" and reward more trading.

Worth noting: For a hearing about GameStop, several lawmakers focused on everything but. The result was a broader glimpse of Gensler's agenda as head of the SEC, though he often dodged questions by noting he's only been at the agency for a few weeks.

  • On cryptocurrency exchanges: Gensler hinted Congress could play a role in bringing better "investor protection" since they "currently have no regulatory framework."
  • On climate change disclosures: They could help bring "some consistency and comparability" for companies that disclose climate risk.

Go deeper

Moody's to acquire disaster risk modeling company RMS for $2 billion

Firefighter near Redding, California. Photo: Neal Waters/Anadolu Agency via Getty Images

Moody's is acquiring climate and natural disaster risk modeling company RMS for about $2 billion from Daily Mail and General Trust.

Why it matters: Modeling climate risk exposure is becoming critical for a growing number of industries, especially as extreme weather events are dramatically picking up in frequency and impact. Supply chain disruptions are of particular concern.

From Malcolm X to "Free Britney," new media shapes the justice system

Illustration: Shoshana Gordon/Axios

True crime documentaries, podcasts and social media campaigns are bringing new attention to real-world legal proceedings — and are often affecting the outcome.

Why it matters: New media platforms can instantly put a national spotlight on cases that have long been forgotten or buried under red tape.

Updated 4 hours ago - Health

The next big bottleneck in the global vaccination effort

Illustration: Rae Cook/Axios

The world still needs more coronavirus vaccines, but an additional bottleneck has emerged in many low-income countries: They need help getting shots in arms.

Why it matters: Increasing vaccination rates across the world is both a humanitarian necessity and the best way to prevent dangerous new variants from emerging, but it increasingly requires complex problem-solving.