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ARTICLE · 30 SEPTEMBER 2022

OpenSea Case Signals Digital Assets Face Familiar Regulation

Harris Beach
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The recent OpenSea insider trading case emphasizes the need for businesses in the digital assets industry to stay abreast of the fast-changing legal landscape surrounding...

United StatesTechnology
Peri A. Berger
Peri A. Berger
Paulo M. Coelho
Paulo M. Coelho
Xanthe M. Larsen
Xanthe M. Larsen
Constantine P. Lizas
Constantine P. Lizas

The recent OpenSea insider trading case emphasizes the need for businesses in the digital assets industry to stay abreast of the fast-changing legal landscape surrounding their industry, and also emphasizes that new digital assets will be subject to the same historical regulatory and legal structures. The government alleges the case is an example of an old act in a new arena.

"NFTs might be new, but this type of criminal scheme is not," said Damian Williams, the U.S. Attorney for the Southern District of New York, in a press release.

OpenSea employee Nathaniel Chastain is charged with fraud and money laundering, accused of profiting off insider knowledge about the NFTs that would be featured for sale on the OpenSea platform. His is considered the first insider trading case involving digital assets.

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