According to Foresight News, Cointelegraph reported that the Southern District Court of New York held the first jury hearing in the case of Nathaniel Chastain, the former product manager of OpenSea, who was accused of insider trading using NFT.
In May 2022, Nathaniel Chastain was accused of insider trading, and then filed a motion to dismiss in August, arguing that NFTs constitute neither securities nor commodities, and claiming that wire fraud charges alleging front-running require transactions in those categories.