Crypto collapse: FTX’s fall is one piece of a long, cold, contagious crypto winter
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That was said by our EIC Nilay Patel on an episode of the podcast Decoder last year about decentralized autonomous organizations.
Now, a lawsuit won by the Commodity Futures Trading Commission (CFTC) against something called Ooki DAO establishes that these crypto-era decentralized finance (DeFi) orgs can be held liable for breaking the law.
CFTC Division of Enforcement Director Ian McGinley:
The founders created the Ooki DAO with an evasive purpose, and with the explicit goal of operating an illegal trading platform without legal accountability.
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.
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