Spencer Dinwiddie took a shot at tokenization, but the National Basketball Association blocked him.
The NBA said Friday that Dinwiddie’s plan to pledge part of his contract earnings for a security token offering violates the league’s collective bargaining agreement, according to the New York Times.
“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,’” the league said.
Dinwiddie appeared to disagree with the assessment, writing on Twitter, “The architecture by definition is not an assignment lol FUD.”
It is unclear if the NBA spoke to Dinwiddie before providing the statement to the Times. However, the Brooklyn Nets guard indicated that he had told the league about his intentions before they were publicly announced, writing, “to put this quite simply I’m not assigning my contract and have been explicit in that when I’ve spoken to them.”
“The news tonight is disappointing because all it does is inspire #FUD in the birth of a previously unrealized asset class under the assumption that I’m breaking a rule that I’ve been clear I’m not breaking in multiple conversation,” he wrote, concluding:
“I look forward to an understanding because as I stated in the previous articles it was made with the @NBA in mind. Hopefully being able to bring added fan engagement to the different players/teams and liquidity for team owners.” Read More...