I just picked on GME and AMC because they've been complicit to degrees. When you read reuters.com - Column meme king ryan cohen moves toss novel insider trading case by bed bath, that is the current CEO of GME. AMC is less so, but they have taken advantage of the situation with equity swaps and offerings. It's hard to define a meme stock, and maybe the term muddies the waters, but market manipulation is happening here and tolerated by the companies.

The SEC's goal 1 is "Protect the investing public against fraud, manipulation, and misconduct", and FINRA guidance on halts and suspensions touches on manipulation.

I don't post a lot here, or in the old metar board - apologies if it is too off-topic. But I think that the lack of regulation in instruments like crypto/NFTs and meme stock manipulation is reducing public trust in the markets, which is a substantial asset of the US based exchanges, and an emerging macro consideration. Slightly pedantic, but like to think I'm being more "draconian" than "capricious". Even though it may harm legitimate investors in these companies, their interests are outweighed by the broader public interest.