Benzinga | Sep 15, 2021 05:43AM EDT

SEC To Publish Its Report On GameStop Short Squeeze Soon, Says Chair Gary Gensler

The U.S. Securities and Exchange Commission is close to publishing its report that looks into GameStop Corporation (NYSE:GME) short squeeze, said the agency's Chair Gary Gensler.

What Happened: Gensler told lawmakers Tuesday that the report should be out "shortly," as per a Reuters report.

See Also: How To Buy GameStop (GME) Shares

"We are pretty close. It's in front of my fellow commissioners and I assume it will be our shortly," said the SEC chair.

The update on the report comes after Gensler said earlier in May that the SEC would consider new trading rules in the aftermath of the meme-stock episode.

Why It Matters: Investors on the popular Reddit discussion forum r/WallStreetBets have fueled interest in several so-called meme stocks like AMC Entertainment Holdings Inc (NYSE:AMC), Blackberry Ltd (NYSE:BB), and Nokia Oyj (NYSE:NOK).

GameStop shares have shot up 957.54% since the year began, while AMC shares have skyrocketed 2131.13% in the same period.

See Also: GameStop Breaks Bullish: Is The Stock Ape-Solutely Going Higher?

Gensler told the U.S. Senate on Tuesday that the SEC intends to carry out greater regulatory scrutiny of stablecoins and the majority of the tokens listed on cryptocurrency exchanges, which, as per him are in fact securities.

Price Action: On Tuesday, GameStop shares closed nearly 2% lower at $199.24 in regular trading and fell another almost 0.3% in the after-hours session. On the same day, AMC shares declined nearly 8.5% to $47.30 in the regular session and rose 0.17% in the after-hours trading.

Read Next: Why AMC Is The 'Riskier' Investment In Movie Theaters: 'Fundamentals Are Nowhere Near Where Shares Are Trading'

Photo: By JJBers on Flickr