The CFTC highlighted that “critically, in a precedent-setting decision” the Ooki DAO was held in court as “‘person’ under the Commodity Exchange Act.”
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The CFTC highlighted that “critically, in a precedent-setting decision” the Ooki DAO was held in court as “‘person’ under the Commodity Exchange Act.”
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The commodities regulator has begun the process of getting a court ruling on the Ooki DAO case after the latter failed to respond to the lawsuit by the deadline.
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The DAO was initially served with a lawsuit via a help chat box but a federal judge said the regulator “should serve at least one identifiable Token Holder.”
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Decentralized autonomous organizations (DAOs) were supposed to be regulation-proof. Federal regulators now have targeted not just a DAO, but also its investors.
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A federal judge said the court’s decision was based on the CFTC effectively serving the Ooki DAO by providing the necessary documents in its Sept. 22 lawsuit.
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Members of the Ooki DAO are discussing various ways to respond to the recent lawsuit filed by the CFTC.
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The CFTC’s actions have even been met with strong pushback from its own commissioner, while others have drawn comparisons to the SEC’s regulation by enforcement tactics.
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