SEC, not Congress, should step in amid GameStop stock frenzy: Analyst

"I would prefer the SEC [Securities and Exchanges Commission) do the regulation as opposed to Congress, because they're the expert in this. The whole point of the SEC is they're expert regulators," Cipperman said.

GameStop shares hit $160 at the open before being halted after several minutes of trading and fell to around $129 before the second halt. The stock resumed trading around 10 a.m. Eastern and hovered around $143 in late morning trade, up 56%.

The rally lifted other "stonks" popular on sites such as Reddit's WallStreetBets, with AMC Entertainment Holdings Inc up 12.5% and headphone company Koss Corp up nearly 61%.