VettaFi’s Financial Futurist Dave Nadig appeared on Scott Melker’s The Wolf of All Street to discuss crypto, NFTs, Bitcoin ETFs, and more, along with Bitcoin miner Peter Saddington and bitFlyer CFO Christopher Temme.
The panel discussed the crypto bear market and the investment possibilities that exist within market meltdowns, as well as regulation of cryptocurrency and Sam Bankman-Fried’s efforts on that front. “I’m a big fan of what FTX is doing pushing the ball forward here,” Nadig said, later adding, “I think the angle that they’ve taken here, the long game, starting with LedgerX and getting everything all buttoned up, it needed to be and now asking for these ‘mother, may I?’ approvals to expand the remit underneath the framework that already exists in US law – I think is brilliant.”
On the NFT front, the panel went over Nate Chastain’s OpenSea debacle, where Chastain was arrested and charged with insider trading of NFTs. “Wire fraud goes back to the invention of the telegraph,” Nadig said, “the thing that blew me away is how many people reported this as insider trading of a securities fraud crime, even the DOJ’s press release said this poorly, that is not what he is accused of.” NFTs are not currently classified as securities, and the panel largely looked at this as more of a misdemeanor than something that would result in 40 years behind bars for Chastain.
In talking about spot Bitcoin ETFs, Melker asked if a spot ETF was coming under this administration, “No, this year. Possible next year,” Nadig responded, “the SEC has asked smart questions, and it is an iterative process. I’ve talked to many issuers who keep putting the filings in there, and I think that the dam may break. Ironically, if FTX can convince the CFTC about this futures proposal, that all of a sudden allows you to have spot and futures trading well against each other in the same exchange. Those are the bridges. We need to build the bridges.”
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