Ooki DAO members explore options in response to CFTC lawsuit
Members of the Ooki DAO are discussing various ways to respond to the recent lawsuit filed by the CFTC. Members of the decentralized autonomous organization (DAO) called Ooki DAO have started looking into an appropriate response to the charges filed by the United States Commodities Futures Trading Commission (CFTC).On Sept. 22, the CFTC announced a $250,000 penalty and settlement with bZeroX, the creators of the decentralized lending platform bZx protocol which suffered from code exploits in 2020 that led to hundreds of thousands in losses. In addition to this, the CFTC also filed a....
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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. 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 summons and complaint through Ooki DAO’s help chat box as well as a notice on its online forum. The....
Ooki DAO is currently facing the force of the futures trading watchdog. The CFTC filed a lawsuit against the platform for offering services outside its authority. The Commodity Futures Trading Commission stated that Ooki DAO offered digital asset margin trading, which they’re not permitted by law to do. This service is usually handled by only […]
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....
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. The Commodities Futures Trading Commission (CFTC) has sparked strong criticism from the community after filing a federal civil enforcement action against members of decentralized autonomous organization Ooki DAO over digital asset trading violations. In a Sept. 22 release, the CFTC stated that it had filed and simultaneously settled charges against the founders of decentralized trading platform bZeroX Tom Bean and Kyle....
The Commodity Futures Trading Commission (CFTC), which is the main financial regulator in the United States, recently ordered a company offering bitcoin options to halt operations. The regulatory agency also ruled that bitcoin and other cryptocurrencies are classified as commodities and are covered by the Commodity Exchange Act. The regulator issued an order filing and simultaneously settling charges against Coinflip, Inc. Derivabit and is chief executive officer Francisco Riordan for activity relating to commodity transactions without the proper licenses. CFTC Ruling on Bitcoin Options.....