In a court ruling that could have broad implications for the popular Decentralized Autonomous Organization (DAO) structure, a federal district judge ruled in favor of the Commodity Futures Trading Commission (CFTC) and its civil enforcement action against the Ooki DAO last year. In what the CFTC declares “a sweeping victory,” the court found that the DAO is a “person” under the Commodity Exchange Act.

“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 CFTC Division of Enforcement Director Ian McGinley in a prepared statement.

When the CFTC filed its action against Ooki DAO in 2022, another judge ruled that it could not go after the nebulous organization—serving notice via chatrooms and online forums—but had to name actual people: Tom Bean and Kyle Kistner, founders of the bZeroX protocol that was Ooki DAO’s predecessor.

The agency did so, and Bean and Kistner settled the case with a $250,000 fine.

Along with the settlement, however, the CFTC decisively went after the Ooki DAO, to which the founders bequeathed their operations once they were targeted by regulators.

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Author: Ryan Ozawa

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