News & Analysis as of

Insider Trading Non-Fungible Tokens (NFTs) Securities and Exchange Commission (SEC)

DLA Piper

Second Circuit Vacates NFT “Insider Trading” Conviction, Clarifies Property Requirement for Wire Fraud

DLA Piper on

The US Court of Appeals for the Second Circuit has vacated the conviction of Nathaniel Chastain, a former employee of non-fungible token (NFT) marketplace OpenSea. Chastain had been convicted of wire fraud and money...more

Paul Hastings LLP

Public Company Watch: September 2023

Paul Hastings LLP on

In the September edition of our Public Company Watch, we cover key issues impacting public companies, including the SEC’s new C&DIs and sample comment letter; considerations for issuers as they start their Form 10-Q...more

Carlton Fields

Digital Assets: An Expanding Arena for Insider Trading and Market Manipulation

Carlton Fields on

Both the SEC and DOJ are creatively and aggressively attacking the use of digital assets as a medium for insider trading or market manipulation. While the jurisdictional battle over digital assets still rages between the SEC...more

Sheppard Mullin Richter & Hampton LLP

NFT Regulatory Issues – a 2022 Review and 2023 Preview

Despite the minimal regulatory enforcement actions against blockchain game companies and NFT issuers, now is NOT the time to become complacent about regulatory issues. As indicated below, many U.S. agencies are increasing...more

BakerHostetler

Top 5 Digital Asset Litigation and Investigation Trends of 2022

BakerHostetler on

Cryptocurrency and digital assets have kept the courts and regulators busy as digital assets continue to pose new questions and challenges for anyone involved in their sale, trade or development. The following trends have...more

BakerHostetler

NFT Endorsements Scrutinized; Bank Crypto Guidance Issued; DOJ, CFTC and SEC Bring Crypto Enforcement Actions; Research Finds...

BakerHostetler on

NFTs Expand on Social Media, Celebrity NFT Endorsements Scrutinized - According to reports, one of the world’s largest social media platforms recently expanded its NFT (non-fungible token) initiative, allowing users in...more

ArentFox Schiff

First-of-a-Kind Crypto Insider Trading Prosecution: SEC-v-Wahi et al Action May Have Broad Implications Across the Digital Asset...

ArentFox Schiff on

As use of cryptocurrency investment has increased throughout the world, regulators have faced a bevy of novel questions, especially related to applying different strains of law to regulate novel digital assets. To date,...more

Cadwalader, Wickersham & Taft LLP

SEC and Department of Justice Announce Parallel Crypto 'Insider Trading' Charges as Regulators and Congress Wrangle over...

On July 21, the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Attorney’s Office for the Southern District of New York announced parallel civil and criminal actions against a former product manager at Coinbase...more

Skadden, Arps, Slate, Meagher & Flom LLP

Cryptocurrency Insider Trading Case Could Have Broader Ramifications for the Industry

On July 21, 2022, the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) each brought insider trading charges against a former Coinbase product manager, his brother and a close friend for using...more

Sheppard Mullin Richter & Hampton LLP

NFT Insider Trading – Can There Be A Crime If It’s Not A Security?

We have previously addressed the recent indictment against Nathaniel Chastain, a former executive of a major NFT marketplace, for insider trading involving NFTs. The indictment charges Chastain with one count of wire fraud...more

Sheppard Mullin Richter & Hampton LLP

SEC Investigating Lack of Insider Trading Policies for NFT/Crypto Exchanges

For quite some time, we have been advising that marketplaces and NFT/crypto issuers consider developing an insider trading policy. The SEC is now investigating this issue. If you do not have a policy this is a good time to do...more

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