I've been following this story closely and have some comments. It's out in the open and a matter of public record that manipulation could be occurring , backed up by the whistleblower's e-mails to the CFTC enforcement division. The last key information to establish a "smoking gun" resides with the CFTC as they know exactly which companies made the trades described by the whistleblower. The main counter argument is the risk of having " activity" move to foreign jurisdictions. But, if the trading is indeed illegal, then having it move elsewhere is a good start if you can't stop it altogether. The CFTC will have to mull over the testimony and will presumably make some public statement that indicates what direction they will take. The taped phone conversations would add pressure if they can be released. I suspect CFTC Chairman Gensler has requested from his enforcement division the file describing everything that happened with the whistleblower to be on his desk first thing Monday morning. It's difficult to know where this trail could go as it may not end with a few large investment banks , it may also involve the central banks.