Lawyers for former OpenSea product chief Nathaniel Chastain have filed a motion to dismiss a previous lawsuit alleging insider trading, according to court documents. Chastain was previously accused of using confidential information from OpenSea to secretly purchase NFTs and sell them for profit. OpenSea previously acknowledged in a blog post that Chastain purchased NFTs using an anonymous digital currency wallet and an anonymous OpenSea account. Chastain’s attorneys argue in the motion that NFTs are neither securities nor commodities, and that a wire fraud case would require a transaction in either a security or a commodity. And the government has been unable to demonstrate whether the particular crypto transactions it cited qualify as financial transactions under money laundering rules. the