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Fortune
Fortune
Marco Quiroz-Gutierrez

Trial of former OpenSea product manager could broaden regulators' definition of 'insider trading'

Nathaniel Chastain OpenSea Jesse Furman SEC Dapper Labs NFT NFTs Gary Gensler the Department of Justice
Photo of the Department of Justice logo (Credit: Samuel Corum—Anadolu Agency/Getty Images)

Former OpenSea product manager Nathaniel Chastain’s trial has been almost a year in the making, and its outcome could be important not just for future NFT-related charges but also insider trading charges outside of financial markets.

The trial, which starts on Monday in New York, deals with two charges against Chastain for wire fraud and money laundering, each of which carries a maximum penalty of 20 years in prison. Federal prosecutors allege that the former OpenSea employee used confidential information about which NFTs were going to be featured on the marketplace’s homepage to personally profit. Chastain has pleaded not guilty.

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