SEC and FINRA are useless because they are a big part of the problem. The states' also have regulatory authority over securities trading. States, banding together,  need to force the abolition of the fraudulent and archaic market maker system, that cannot be reformed  because it based  on an inherent conflict of interest, i.e., mms vs. the investing public. They're  like a fox appointed to manage the trading of chickens and eggs.

There's no reason, except for their own enrichment by legalized thievery and cunning fraud, that archaic market makers are required. Trading and settlement could done entirely through advanced  software with redundant built-in protections and safeguards. For the first time in decades, there would be honest trading in OTC stocks.