CFTC Files Its First Case Against A DAO, bZeroX, For Operating Illegally
The U.S. Commodity and Future Trading Commission (CFTC) has filed a case against an autonomous decentralized organization (DAO) protocol, bZeroX, and its founders, Tom Bean and Kyle Kistner, for operating illegal activities. The Commission also penalized the platform for $250,000 and ordered it to be ceased and desist from the industry. As per the CFTC’s […]
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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. Considerable anxiety exists in the world of Web3 related to regulation and the legal status of cryptocurrency projects. It’s particularly apparent in the United States, where the Commodity Futures Trading Commission (CFTC) fueled concerns in September with an announcement that it was imposing a $250,000 fine on a decentralized autonomous organization (DAO), Ooki DAO, and its investors. The fine was particularly ominous, considering....
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