1) It's just not possible for someone trading out of their parent's basement to crash the most liquid futures market in the world. And in the remote chance it is, this is the CME's fault not the trader's.
2) If "layering" orders and canceling bids is illegal then you should round up half the position traders on the Street
3) An "old school" trader who had "always been good with his reflexes and doing things quick." cannot outwit HFT firms like Virtu which have a virtual monopoly on stealing spreads from the market. How exactly do regulators believe Virtu can go 1,000 days without incurring a net loss on a session? Not by losing money to nerds still living with their parents.
4) Anybody who is not a child realizes this is more about him telling the SEC to get fucked than it is about a trillion dollar crash in the market on the same day. Telling someone to get fucked is not illegal.