The interesting part is that he got charged with insider trading. A few attorneys on bluesky have pointed out that this is a novel use of this law since previously the trading occurred on regulated markets (e.g. SEC or CFTC regulated markets like stock markets and commodities/futures exchanges).

They are regulated. That's why Connecticut, Arizona, and Illinois are being sued by the government. They tried to regulate these markets and the CFTC says they regulate them, not the states.

These markets are regulated by the CFTC, currently, so what exactly is novel here?