Ooki DAO to pay $643K fine after CFTC’s court victory
and,
Statement of CFTC Division of Enforcement Director Ian McGinley on the Ooki DAO Litigation Victory
“The founders created the Ooki DAO with an evasive purpose, and with the explicit goal of operating an illegal trading platform without legal accountability,” said McGinley. “This decision should serve as a wake-up call to anyone who believes they can circumvent the law by adopting a DAO structure, intending to insulate themselves from law enforcement and ultimately putting the public at risk.”
In the USA, we must add. Also, this was a default judgement as Ooki never even filed a defence - just rolled over.
Also,
The CFTC also noted that courts determined that Ooki DAO is legally a “person” under the Commodity Exchange Act and held it liable as such.
This is the same as corporate personhood. However, how many cases have you seen of corporate murder? Its a great way to hide the crimes behind a legal fiction. Interestingly, the UK passed the Corporate Manslaughter and Corporate Homicide Act of 2007 - plenty of cases since, but all look like small companies.
Plenty to chew over for crypto lawyers.
long thread...
keep pulling...