It would be up to the SEC to implement regulations concerning fake press releases. As it has been pointed out, the SEC at present doesn't appear to be devoting much attention to this practice. It's a matter of what the commissioners currently think is important when it comes to protecting the main street investor. Since the SEC doesn't appear to be devoting any attention to this practice of fake news the perps figure it's easy, fast money. Sadly, it really is easy to pull off.