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On April 26, according to the Wall Street Journal, in order to simplify the negotiations on reciprocal tariffs, US negotiating officials plan to use a new framework developed by the Office of the United States Trade Representative (USTR), which lists major categories of negotiations, such as tariffs and quotas, non-tariff trade barriers, digital trade, product origin principles, economic security and other commercial issues. In these categories, US officials will put forward specific requirements for individual countries, but people familiar with the matter emphasized that this document may also be adjusted at any time. People familiar with the matter said that the United States initial plan is to negotiate with 18 major trading partners in turn over the next two months. The initial plan is to alternately participate in the talks with six countries per week for three weeks (six countries in the first week, another six countries in the second week, and another six countries in the third week) until the deadline of July 8. If US President Trump does not extend the 90-day suspension period he set by then, those countries that cannot reach an agreement will begin to face reciprocal tariffs.On April 26, after the United States announced additional tariffs on goods from many countries, Peruvian business people expressed concerns that the US governments extreme measures would disrupt the global trade order and may even trigger a global economic recession. Alvaro Barrenechea Chavez, vice president of the Peruvian-Chinese Chamber of Commerce, said that the negative impact of the US tariff policy has begun to emerge and hoped that the US government would rethink. Recognizing the importance of countries working together to promote development, I think this is the best way to become a true "world citizen."Market news: Musks xAI company plans to raise about US$20 billion in a financing round.Conflict situation: 1. Ukrainian top commander: Russia tried to use air strikes as a cover to increase ground attacks, but was repelled by Ukraine. 2. Ukrainian Air Force: Russia launched more than 103 drones in the night attack on Ukraine. 3. Local officials said Ukraine launched an attack in the Belgorod region of Russia, killing two people. 4. The local governor said that Russia launched an attack on the Dnipropetrovsk region of Ukraine, killing one person and injuring eight people. Peace talks: 1. Trump: ① The situation between Russia and Ukraine is gradually becoming clear, and they are "very close" to reaching an agreement. ② Ukraine is unlikely to join NATO. ③ Ukraine has not yet signed the rare earth agreement and hopes that the agreement can be signed immediately. ④ It is foreseeable that the United States will conduct commercial cooperation with Ukraine and Russia after reaching an agreement. 2. Russian Foreign Minister: Russia is "ready to reach an agreement on Ukraine." 3. Russian Presidential Assistant Ushakov: Russia and the United States will continue to maintain active dialogue. 4. Russian Presidential Assistant: Putin discussed the possibility of resuming direct negotiations between Russia and Ukraine with the US envoy. 5. The differences between the United States, Europe and Ukraine are clear. The documents show that European countries and Ukraine have raised objections to some of the US proposals to end the Russia-Ukraine conflict. 6. Market news: As part of the peace agreement, the United States asked Russian President Putin to abandon the demilitarization requirement. Other situations: 1. President of Hungarys OTP Bank: We hope to return to all business areas in Russia after the (Russia-Ukraine) conflict ends. 2. Ukrainian President Zelensky: US ground forces are not necessary for Ukraine. 3. Trump said Crimea will remain in Russia, Zelensky: Never recognize it. Agreeing with Trumps view, Crimea cannot be recovered by force. 4. NATO Secretary-General Rutte met with Trump and senior US officials to discuss defense spending, NATO summit, and the Ukrainian conflict.Rising global trade risks, overall policy uncertainty and the sustainability of U.S. debt top the list of potential risks to the U.S. financial system, according to the Federal Reserves latest financial stability report released on Friday. This is the first time the Fed has conducted a semi-annual survey on financial risks since Trump returned to the White House. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion reported in November. Half of the respondents believe that overall policy uncertainty is the most worrying issue, an increase from the same period last year. The survey also found that issues related to recent market turmoil have received more attention, with 27% of respondents worried about the functioning of the U.S. Treasury market, up from 17% last fall. Foreign withdrawals from U.S. assets and the value of the dollar have also risen on the list of concerns.

Former OpenSea Executive Asks US Court to Dismiss Insider Trading Charges

Jimmy Khan

Aug 23, 2022 14:16

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The Department of Justice (DOJ) accused Nathaniel Chastain, the former head of product of OpenSea, in June of this year on suspicion of taking part in wire fraud and money laundering.


Prosecutors in Manhattan claimed that Chastain had covertly purchased non-fungible tokens (NFT) based on proprietary knowledge in what was thought to be the first case in the United States to charge insider trading in digital assets. The ex-executive is now requesting that insider trading allegations surrounding the sale of NFTs be dropped in a US court.

DOJ Case

Lawyers for Chastain contend in a document submitted to the United States District Court for the Southern District of New York that NFTs cannot be categorized as securities or commodities, which is necessary for accusations of wire fraud. They also said that the US government simply brought charges in an effort to establish a legal precedent that NFTs are securities.


The DOJ asserts that Chastain purchased NFTs that were intended to be shown on OpenSea's site covertly before reselling them at a profit after they had been showcased. More precisely, he made 11 separate purchases of 45 NFTs based on secret knowledge.


The NFTs were sold by Chastain for a price that was two to five times what he originally paid after deciding to highlight them on the website. Chastain covered up his fraud by making these transactions through anonymous hot wallets and anonymous OpenSea user accounts. He has entered a not guilty plea to the two accusations, which each carry a potential 20-year jail term.


The NFT transactions in issue, according to his attorneys, were completed on the Ethereum (ETH) blockchain, which is open source and accessible to the public. They contend that this eliminates the possibility that the transactions were used for money laundering.

Request for Dismissal

Chastain's arguments center on the idea that while the law forbids insider trading to safeguard the financial markets, it does not require businesses to maintain the confidentiality of information. As a result, his legal team has submitted a request to dismiss the charges against him on the grounds that the NFTs were not the platform's property under the law.


In fact, the case presents challenging legal issues about whether insider trading in non-stocks or non-commodities is illegal.


The U.S. Supreme Court, according to Chastain, has restricted what constitutes wire fraud, which generally forbids plans to gain property. He is certain that from a legal standpoint, it is impossible to emphasize a particular NFT as property.


In September 2021, Chastain parted ways with OpenSea, the biggest online market for buying and selling NFTs. Since then, she has started working on a brand-new NFT platform called Oval.


OpenSea said this month that it would modify how it manages NFT assets that are reported as missing. When an NFT was flagged as stolen, the firm would previously prevent it from being purchased, traded, or transferred on its platform while it investigated each case. However, it is now necessary to file a police complaint within seven days of doing so.