Possibly there is also not the political will to ramp up the regulatory speed and power although I still have hope that Biden will be able to change that at least a bit.
Look at the suggested reforms the SEC was supposed to undertake AS IDENTIFIED BY CONGRESS. Then look at what actual reforms where implemented.
I'll help you out - almost none. The SEC has had a monopoly on financial market regulation since the 1930s and is just now becoming a victim to the cultural side affects of this monopoly. Shit, I actually think the SEC has done a phenomenal job regarding this and all other aspects of their job.
The Commodity Futures Trading Commission, Financial Industry Regulatory Authority, National Futures Association, Consumer Financial Protection Bureau, and many others would like a word.
https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Comm...
https://en.wikipedia.org/wiki/Financial_Industry_Regulatory_...
https://en.wikipedia.org/wiki/National_Futures_Association
https://en.wikipedia.org/wiki/Consumer_Financial_Protection_...