Ooki Dao Considering 4 Potential Actions Against CFTC

Faced with the recent lawsuit filed by the CFTC against the Ooki DAO, members of the community identified four possible action items in response to this lawsuit. The DAO could hold a vote in the coming weeks to decide how to address its protection issue.

As mentioned in an earlier Coincu News article, The Commodity Futures Trading Commission (CFTC) imposed a $250,000 fine against bZeroX providing illegal trading and also filed a civil lawsuit against bZeroX’s successor Ooki DAO for similar violations.

Members of the DAO are currently discussing the appropriate response to the CFTC’s lawsuit. Accordingly, four potential actions were proposed.

One of these solutions entails giving Treasury funds to DAO members’ legal representation. The Ooki community is also considering the notion of raising more money in case the CFTC’s complaint is upheld in court. The DAO participant who started these discussions suggested one potential course of action: publish a grant proposal on Gitcoin to raise money for the legal defense. The goal here is to gain backing for the Ooki DAO’s legal battle from the larger DeFi and crypto communities.

Another potential method of obtaining money for the DAO’s legal defense is through NFTs. The prospect of publishing an NFT collection to raise money for the project is being discussed by the community.

A cross-section of the crypto ecosystem did have strong reactions to the CFTC’s legal action against Ooki DAO. Concerns regarding the CFTC’s strategy and potential repercussions for DAOs and decentralized governance in general were raised by many attorneys and commentators.

The discussion will likely determine the appearance of a vote in the coming weeks of the Ooki DAO.

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