The lawyers argue that the blockchain is transparent, NFTs aren't securities or commodities, and so nothing untoward took place...do you agree? 🤔
A former OpenSea executive who has been charged with the insider trading of non-fungible tokens is seeking to have the case dismissed.
At the time, the Department of Justice confirmed this was the first case of its kind — and in a new court filing, Chastain's legal team claims "ill-founded applications of criminal law" are being used to set a precedent in the digital assets space. It's also claimed that the government has been unable to "demonstrate any effort to conceal the unlawful proceeds of a specified unlawful activity" — with Chastain's representatives pointing out that every single crypto transaction that's under scrutiny was visible on the Ethereum blockchain."The defendant did nothing more than move money in an obvious and perceptible manner. The simple and manifest movement of money, however, does not constitute money laundering.
The 31-year-old used to be a product manager at OpenSea — and between June and September 2021, it is alleged that he "secretly" purchased crypto collectibles shortly before they were given prominence on the NFT marketplace's homepage. Estimates suggest the alleged transactions generated 19 ETH, worth about $30,000 at current market rates. The Justice Department had added:
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