It's not that clear as far as I can tell (and from reading commentary from people far more knowledgeable than me). Matt Levine's column from 2 days ago, for ex

It's not that clear as far as I can tell (and from reading commentary from people far more knowledgeable than me). Matt Levine's column from 2 days ago, for example, goes over some of those questions to a decent degree: (possible paywall) https://www.bloomberg.com/opinion/articles/2021-01-26/will-wallstreetbets-face-sec-scrutiny-after-gamestop-rally https://www.bloomberg.com/opinion/articles/2021-01-26/will-w...