Former OpenSea sea executive Nate Chastain has filed a motion asking a U.S. district court to dismiss insider trading charges levied against him because non-fungible tokens (NFTs) do not meet the requirements for wired fraud charges. Citing the Carpenter wire fraud theory, Chastain’s lawyer argued that NFTs were neither securities nor commodities, and insider trading. In defense of the money laundering charges against Chastain, his counsel argued that the transparent nature of the Ethereum blockchain makes this charge unnecessary. The NFT transactions the accused executed could be accessed for further investigation.#Web3GrandPappa #Web3Daos #NFTcreative #mimeXmime

Former OpenSea exec claims insider trading laws cannot apply to NFTs

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