The reason I say this as being important is that there was an insider trading case involving NFTs that essentially got thrown out after a conviction. It was thrown out on appeal because the theory of the case was essentially that the people who were being defrauded were the people who were trading against this insider. And the courts were like, “No, no. No, no, no. We don’t care if people lose money.” The question is, was the fraud in stealing the information to make the trade? That’s thing one: There’s a specific way that the law thinks about insider trading.
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