For years, WallStreetBets occupied a strange place in American finance. To some, it was internet chaos masquerading as investing. To others, it became a symbol of populist resistance against Wall Street institutions perceived to hold structural advantages over ordinary investors. At different moments, the community has been described as reckless, manipulative, hilarious, irresponsible, democratizing, dangerous, and misunderstood, often all at once. Now, the same online community that helped fuel the GameStop frenzy, triggered Congressional hearings, embarrassed hedge funds, and forced regulators to confront the power of coordinated retail trading has entered a very different arena: SEC rulemaking.