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NBA Halts Spencer Dinwiddie’s Tokenized Contact (For Now)

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NBA Halts Spencer Dinwiddie’s Tokenized Contact (For Now)

Updating yesterday’s story, the National Basketball Association (NBA) released this statement in regards to Brooklyn Nets Point Guard Spencer Dinwiddie‘s plan to sell tokenized shares of his contract as a digital investment vehicle:

“According to recent reports, Spencer Dinwiddie intends to sell investors a ‘tokenized security’ that will be backed by his player contract. The described arrangement is prohibited by the C.B.A., which provides that ‘no player shall assign or otherwise transfer to any third party his right to receive compensation from the team under his uniform player contract.’”

Dinwiddie claims that the league is mistaken and the investment does not represent an assignment of his contract, saying:

Dinwiddie seemed surprised by the league’s statement, telling The New York Times’ Marc Stein that he had already explained the difference and would continue to speak with league officials:

Democratic Presidential Candidate and known Bitcoin supporter, Andrew Yang, weighed in with support for Dinwiddie:

To read our original coverage of this story, click here.This article is for informational purposes only and is not a recommendation to invest in any financial products.

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