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you don't have to read WSB, somebody else already do the legwork https://www.coindesk.com/wall-street-bets-futures-dogecoin-ftx
FTX Cryptocurrency Derivatives Exchange announced in a blog post that they have launched trading for a basket of WallStreetBets favorites. Companies included in the index are some of Reddit crowd’s most-beloved stocks, including GameStop Corp., AMC Entertainment Holdings Inc., Nokia Oyj and BlackBerry Ltd. The exchange will also offer exposure to iShares Silver Trust.
FTT was already mentioned by a few politicians last week and they did so publicly. AOC's twitter feed has talk of this. Defazio already took the liberty of resubmitting a FTT bill early this year with more cosigners than he's ever had in his decade + long pursuit of one. We know most of the Democrat candidates advocated for it on the campaign trail. All they need is the "proper" excuse to say, "the time has come to end this rampant speculation and unproductive activities..."
Here's the twist though: with the EU unable to pass a FTT for years and not likely to be able to any time soon, US politicians may want to "lead the way." The thinking being that if the US does it, everyone else will fall in line leaving no where for traders to go to avoid it. It's a calculated risk on the US politicians part because the EU would likely not implement it or implement it at lower rates with more exemption carve outs and take it as a chance to regain the financial leadership it once enjoyed nearly a century ago.
As for US implementation of an FTT, stock volume will of course dry up. But the latest proposals by several politicians with regards to futures does not base the tax on the notational value, but rather on cash flows. A far better way to go about it and far less disruptive than stock's equivalent. They also do not tax currency spot trades. Take that as the tarnished silver lining that it is.
This is all speculation as to what comes next as a result of any fallout from this clever pump&dump ("buy-buy-buy! Diamond hands! Hold-hold-hold! To the moon! Apes together Strong!"). New regulation may simply ban short selling. There are enough synthetics (derivatives) available to take up the slack. So it wouldn't be the end of the world. But such a ban would likely introduce new problems - dark pools of synthetic short derivatives. And we'd be right back to 2008. And it signals a fundamental change in mindset with regards to free markets.
BTW reading through the wsb reddit this weekend, it is cray cray . I've heard the word "cult" tossed around the past many years with respect to many stocks but that's literally what gme is to these peeps. They are seriously talking about a 4 and 5 figure price. I don't do predictions but I felt safe good ng out on a limb here and saying I don't see it. I've been VERY wrong before and may be here. This is not investment advice!
