Lawyers for former OpenSea product manager Nate Chastain have filed a motion to dismiss the insider trading charges against the ousted NFT marketplace employee

Filed Friday, the motion argues that NFTs are not securities or commodities so no insider trading could have taken place

The Department of Justice and FBI in June arrested and charged Chastain with wire fraud and money laundering for alleged trades he made using insider knowledge of which NFT collections were going to be featured on OpenSea.

OpenSea is the world’s largest marketplace for NFTs, or non-fungible tokens—unique digital tokens linked to content, such as art or music, providing proof of ownership.