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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

SEC chair Gary Gensler hints at tougher rules after GameStop trading mania

Photo: Gary Gensler, then head of the Commodity Futures Trading Commission, in 2013. (Photo: Andrew Harrer/Bloomberg via Getty Images)

SEC chairman Gary Gensler alluded that tougher rules could be coming for players involved in the Reddit trading saga earlier this year, according to remarks released ahead of a congressional hearing scheduled for Thursday.

Why it matters: They're his "most revealing comments so far" on the issue since being confirmed to head the regulatory agency, Bloomberg notes.

Felix Salmon, author of Capital
May 6, 2021 - Economy & Business

Warren Buffett vs. Robinhood

Illustration: Rae Cook/Axios

Warren Buffett is the ultimate buy-and-hold, long-term investor; Robinhood is filled, at least in the popular imagination, with day-trading teens rushing in and out of meme stocks and crypto. So it's hardly surprising they've started trading barbs.

What they're saying: Buffett and his partner Charlie Munger described Robinhood at their annual meeting last Saturday as being a "casino group" that is "deeply wrong."

3,000 unruly passengers reported to FAA this year

Photo: Stefani Reynolds/Bloomberg via Getty Images

Airlines have reported some 3,000 cases of unruly behavior by passengers to the Federal Aviation Administration this year — including 2,300 for refusing to comply with face mask mandates, the FAA announced Monday.

Why it matters: Passenger numbers remain below pre-pandemic levels. But the FAA is investigating the highest number of suspected federal law violations since it began recording unruly passenger incidents in 1995, per ABC News.