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NBA blocks Spencer Dinwiddie’s security token offering

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Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

Spencer Dinwiddie, the professional American basketball star decided to try his luck with tokenization, but the NBA stopped his efforts. National Basketball Association decided to block him saying that his plan to use a part of his contract earnings for security tokens violates the league's collective bargaining agreement.

Spencer Dinwiddie, the professional American basketball star decided to try his luck with tokenization, but the NBA stopped his efforts. National Basketball Association decided to block him saying that his plan to use a part of his contract earnings for security tokens violates the league’s collective bargaining agreement.

Dinwiddie disagreed with this assessment, and he mentioned that he had told the association about his intentions, and he hopes for a better understanding from them as he is not breaking any rule. He revealed that he was planning to invest in the Ethereum blockchain to raise $13.5 million from his $35 million, 3-year contract.

Dinwiddie is the part of DREAM Fan Shares platform, and he outlined a company that would help any entertainer to tokenize their contracts. This will be done by raising a part of their earning for investment or to be used immediately. Dinwiddie is reaching out for public support, and it is working as a presidential candidate, Andrew Yang commented on the whole matter. Andrew has been a supporter of blockchain technology in the past, and he also requested for a federal framework for cryptocurrency. He said that the idea was genius and that he was disappointed how the NBA is disallowing this.

Dinwiddie revealed that he has partnered with Tron Foundation and its CEO Justin Sun, and he will donate 8.2 Bitcoin to charity by selling the shoes that he wore in the 2019/2020 season.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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