Former OpenSea exec's NFT trading did not break the law, but it could provoke regulators

Regulation • September 16, 2021, 1:32PM EDT
UPDATED: September 17, 2021, 10:39AM EDT
The Block

Quick Take

  • OpenSea says it is implementing new procedures after a now-former executive was caught trading NFTs with inside knowledge. 
  • While legal sources say the actions didn’t break the law, it could draw the ire of regulators who are already applying heavy scrutiny to the industry. 
  • On Thursday, OpenSea said that Nate Chastain, former head of product, had been asked to resign. 
Recently revealed trading NFT activity by Opensea head of product Nate Chastain wasn't illegal, but it could still have consequences.
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