Newman trades digital coins on cryptocurrency exchanges for both his own account and as an investment strategy for clients who have indicated an interest in such speculative trading and for whom it is appropriate. The cryptocurrency exchanges are unregulated markets. Newman is a member of "Agile Coin," a chatroom in which coin traders gather that has thousands of members. Agile Coin is a private chatroom accessible by invitation only and is overseen by an anonymous moderator. Generally, the chatroom moderator announces a date, time, and exchange for members to initiate trading. At the set time, the moderator informs the chatroom of the particular cryptocurrency to be traded. Traders, including Newman, buy that digital coin creating a surge in the price with the intention of attempting to sell before the price collapses. Over the past several months, 54 different cryptocurrencies have been promoted on Agile Coin and generated $296 million in trades. Newman often profits from the rise in the price of the cryptocurrency by timing his trades correctly, but occasionally he buys and holds the digital coin too long and the price drops steeply before he can sell, causing him to lose money for himself and his clients. Newman actions are 

(Choose the best answer.) O (No answer given) 

- acceptable because he voluntarily engages in this speculative trading based on information in a private chatroom. 

- acceptable because he, unlike the moderator of the digital coin chatroom, is not actively organizing the trading of the digital coin. 

- unacceptable because speculative trading cryptocurrency in unregulated markets for client accounts is unethical. 

- unacceptable because he is engaged in market manipulation