Reversal of OpenSea Insider Trading Case Raises Legal Questions

[madmax]

The case against the former OpenSea employee was originally seen as a landmark moment for digital asset enforcement. A jury convicted him in 2023 for using internal knowledge to trade NFTs that later appeared on the platform’s homepage, causing prices to rise.

However, a federal appeals court overturned the conviction in July, ruling that the jury received flawed instructions and that NFT homepage placement data does not qualify as property under federal wire fraud laws.

The decision has fueled calls for clearer crypto legislation, as regulators and prosecutors face growing challenges applying existing laws to digital assets.

[cryptobro]

lol conviction overturned because homepage placement isn’t “property”? feels like crypto law still catching up