GameStop's triumphant rise in the stock market might be easily confused with a saga out of Hollywood. There is a band of underdog retail investors joining forces to take on the Wall Street empire, the whole world is watching in suspense, and there was even a surprise twist (the trading halt) in the final act. Although the price is beginning to stabilize, few will soon forget the nearly 2,000 percent climb of GameStop's stock over the past 30 days.

Yet, regardless of where the price of GameStop's stock goes after this, it's safe to say retail investors won this battle. They have captured the world's attention and shown their true potential.

However, it's important that regulators do not make the mistake of confusing an event that attracted attention with an event that required attention, or intervention.

What Happened?