How Memestock Traders Responded to Mocking Videos From the SEC

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Screenshot: Securities and Exchange Commission

In one SEC video, a phony game-show contestant (“Brad”) chooses the category “Meme Stocks.” He’s blasted by the wrong-answer buzzer and his money falls through a small trap door. Then he’s slapped in the face with a pie. “Things like this just further galvanize these diamond hands,” one redditor wrote. “There’s no way the US Government does shit like this unless they know we’re right.” Another replied: “Like, are they TRYING to get me to buy more?” On FinTwit, Lisa Braganca, a former SEC regulator turned crypto-startup defense lawyer, said she was “disappointed“to see the agency “disparage investors” in memestocks as generally thoughtless. Firing back at SEC chair Gary Gensler’s account, Braganca added, “How about a video about dark pools,” referring to private exchanges that conduct anonymous trades outside the public markets they compete with.

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