The Binance/FTX debacle is a glaring example of financial mismanagement invited by a lack of regulation, says Pat Levecchia. He discusses the evolution for blockchain technology, as well as the need for further regulation in digital markets. He talks about how firms need to anticipate actions of regulators in order to be successful. He notes that firms that keep operating in a clearly defined capacity will see a lion's share of institutional flows in this environment. He then goes over the impact of large institutions getting involved in the crypto space. He also mentions the M&A outlook in the digital space. Tune in to find out more about the stock market today.