CFTC can issue summons through Ooki DAO's help chat box, says judge
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....
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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 […]
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....
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 U.S. government’s battle to get Coinbase to comply with its summons to provide information about its customers continues. A federal judge has agreed to move a hearing date to March 23 to consider arguments against the summons. On Feb. 3, 2017, Jacqueline Scott Corley, a U.S. magistrate judge, granted the government’s request to continue the hearing date to March 23, 2017 for motions to intervene filed by attorney Jeffrey Berns and Coinbase in their efforts to challenge the summons served by the IRS. Coinbase Fights IRS Summons. Berns, a Coinbase customer and attorney, filed a motion on....
A federal judge has approved an Internal Revenue Service summons requiring bitcoin wallet and exchange Coinbase to disclose transaction records of bitcoiners between January 1, 2013 and December 31, 2015. In statements, Caroline D. Ciraolo, head of the Justice Department’s Tax Division stated: As the use of virtual currencies has grown exponentially, some have raised questions about tax compliance. Tools like the John Doe summons authorized today send the clear message to U.S. taxpayers that whatever form of currency they use – bitcoin or traditional dollars and cents – we will work to....