The Justice Department filed money laundering charges in June against Nate Chastain, the former head of product at the most popular NFT marketplace OpenSea, in what the agency called the “first ever digital asset insider trading scheme.
But in a motion filed Friday in New York federal court, Chastain asked a judge to dismiss the charges ahead of the trial based on what his lawyers argue are flaws in the DOJ’s case against him. He argues that he should not be charged because NFTs don’t fit the definition of either securities or commodities—terms that form a key part of the wire fraud and money laundering statutes that Chastain allegedly violated.
‘Enforcement 40’ for 2020
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