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Still, it's how the CFTC has brought these charges that has attorneys in the crypto industry sounding alarm bells. The agency sought court permission to serve the entire DAO at once by posting the lawsuit on a public forum and through a help bot. Judge William Orrick, of the Northern
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While the crypto industry has not tried to defend against the actual allegations – that the DAO, with its predecessor company, bZeroX, offered unregistered products to U.S. customers – it has collectively expressed concern about how the CFTC has gone about trying to bring a case against the DAO. Specifically,
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The CFTC sued Ooki DAO last month, alleging the collective group offered illegal leveraged and margin trading products, as had its predecessor company bZeroX. While the regulator settled the bZeroX charges with the company's founders, it was unable to identify key figures attached to the DAO, and sought permission to
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Behnam has been pursuing a much longer reach for his agency when it comes to crypto, asking Congress to give it power to oversee the spot market for digital commodity tokens. That’s a favored idea in more than one piece of legislation introduced this year, but the bills will likely
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No one voted the first time an Ooki DAO member tried to gather support for a legal defense effort. Just three people have voted in favor of a second effort Source
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The United States Commodities Futures Trading Commission can serve members of the Ooki decentralized autonomous organization, or DAO, with summons through online communications, according to a federal judge.In an Oct. 3 order granting a CFTC motion, U.S. District Judge William Orrick said the commission could provide a copy of its
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"The CFTC should be required to take additional steps to provide notice of this Complaint to the person[s] it alleges have violated the Commodity Exchange Act ('CEA'). Service by posting on a website, without any additional effort, falls far short of what the Constitution requires," the filing said. Source
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The lawsuit, announced last week, is the first to be brought against members of a DAO by the CFTC, and could have wide-ranging consequences for DAO regulation in the future. Charges were also filed and settled against a blockchain protocol, bZeroX – which the CFTC claims operated the same service
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“A key bZeroX objective in transferring control of the bZx Protocol (now the Ooki Protocol) to the bZx DAO (now the Ooki DAO) was to attempt to render the bZx DAO, by its decentralized nature, enforcement-proof. Put simply, the bZx Founders believed they had identified a way to violate the
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While, as Dilendorf pointed out, the action was a “wake-up call” for crypto founders who think a DAO is a shield from regulation, attorneys have also pointed out that it’s a wake-up call for industry participants who have groused about crypto regulation under the SEC, assuming that the CFTC would
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