More than eighty years after federal law first addressed stock market manipulation, the federal courts remain fractured by disagreement and confusion concerning manipulation law's most foundational issues. There remains, for example, a sharp split among the federal circuits concerning manipulation law's central question: Whether trading activity alone can ever be considered illegal manipulation under federal law? Academics have been similarly confused-economists and legal scholars cannot agree on whether manipulation is even possible in principle, let alone on how to properly address it in practice.
Fox, Merritt B., co-author. "Stock Market Manipulation and Its Regulation."L. R. Glosten and G. V. Rauterberg, co-authors. Yale J. Reg. 35, no. 1 (2018): 67-126.