Opensea product manager Nate Chastain has appealed his innocence of insider trading

Lawyers for the former product manager have presented arguments that he is not guilty, saying the US government's allegations were wrong.

This time, the legal team is challenging the allegations that caused the product manager to make a few million dollars. In short, the insider trading law only punishes trading in any kind of securities with treasonable information.

Seems OK, BUT... NFTs, which Nate Chastain profited from, are not classified as securities, which makes it possible to challenge the charges.

Сourt filing: 

“Accordingly, the government, having laced the Indictment with insider trading language and having made public statements announcing this case as sounding in insider trading, should not be permitted to proceed on a Carpenter wire fraud theory of insider trading when it agrees that revelant pieces of digital-artwork are not securities".

In July, Trung Nguyen (Axie Infinity's CEO), also stated that he was in no way involved in insider trading. Previously, in March, TRON founder Justin Sun dismissed similar allegations.

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