On June 9, 2023, the Commodity Futures Trading Commission (CFTC) declared victory in a lawsuit against Ooki DAO, a decentralized autonomous organization. According to the CFTC, the judge’s ruling that the Ooki DAO is a “person” under the Commodity Exchange Act sets a new legal precedent. This decision could be quite significant as it’s the…
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A US district judge ruled in favor of the US Commodity Futures Trading Commission in its litigation against Ooki DAO — which could have further implications for other decentralized autonomous organizations. Judge William H. Orrick entered a default judgment order on Thursday night, which requires Ooki DAO to pay a civil penalty of $643,542, stop operating…
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Major crypto exchange Binance has reopened TORN deposits following an attack on the privacy-focused crypto mixer Tornado Cash DAO. The exchange announced on Monday that it had resumed deposits for TORN via the Ethereum (ETH) network and Binance’s own BNB Smart Chain. TORN deposits on these two networks were suspended on May 21 “due to…
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According to Fraser Edward, the CEO and co-founder of the public permissionless network, Cheqd, one of the main hurdles faced when attempting to move data stored on Web2 servers to Web3 is “establishing a clear and scalable revenue model.” Edward however suggested overcoming this hurdle will unlock new use cases which facilitate economic activities within…
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The pioneering DAO allegedly offered “risk-free” products that cost American retail investors tens of millions of dollars in losses. A group of investors has filed a class-action suit against the Bancor decentralized autonomous organization (DAO); its operator, BProtocol Foundation; and its founders in the United States District Court for the Western District of Texas. The…
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This week’s Crypto Biz explores Arbitrum’s latest proposal, Ripple’s two-year battle with the SEC and a large corporations’ coalition to build blockchain solutions for institutional investors. A million-dollar question in crypto might be whether tokens can be considered securities in the United States, with some crypto companies staking a lot of money on it. For…
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After community approval, BIT holders will undergo a token-conversion process for the new Mantle token. Governance and treasury management will remain unchanged. A proposal seeking to apply a “One Brand, One token” principle has been pushed to a vote on BitDAO’s Snapshot and calls for substituting BitDAO’s token (BIT) under a new governance token. Snapshot…
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The Aragon Association has pulled plans to give ANT holders voting rights over its DAO in the wake of the attack. Aragon, an open-source framework designed to launch decentralized autonomous organizations (DAOs), has pulled plans for its native Aragon (ANT) token holders to be given voting rights over the future direction of the organization. The…
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How the Utah DAO Act went from an idea to a piece of legislation — and the challenges along the way. In March, the Utah State Legislature passed the Utah DAO Act, granting legal recognition and limited liability protections to decentralized autonomous organizations (DAO) in the state. DAOs by default are not recognized as legal…
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Japan has taken strides of late to adopt and integrate decentralized technologies within both government and businesses. Japan’s regulatory and political environment for crypto and Web3 technologies has been evolving rapidly over the past several years. The Financial Services Agency of Japan reported in December 2022 it planned to lift restrictions on foreign-issued stablecoins in…
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