US Judge Orders CFTC To Serve Bean And Kistner As Ooki DAO Holders

The U.S. District Court for the Northern District of California held a hearing last week on the CFTC’s lawsuit against Ooki DAO. Although Judge William Orrick did not make a ruling that day, he ordered the Commodity Futures Trading Commission to sue Ooki DAO on Monday. The same lawsuit was filed by founders Tom Bean and Kyle Kistner of bZeroX.

The founders of bZeroX, a business that allows its customers to trade cryptocurrency derivatives products in the United States, are Bean and Kistner. The business was transformed by Bean and Kistner into a decentralized autonomous organization (DAO), which later changed its name to Ooki DAO.

A federal judge has ordered the Commodity Futures Trading Commission to serve Tom Bean and Kyle Kistner with its lawsuit against Ooki DAO.

While the CFTC reached a settlement with Bean and Kistner, the organization also filed additional accusations against Ooki DAO, stating that it engaged in activity that was unlawfully similar to that of bZeroX.

The CFTC sought to serve its complaint to the whole DAO at once by publishing the action in a support chatbot and on an online forum, but members of the cryptocurrency sector fought back, saying the regulator should instead identify genuine DAO members and serve them personally.

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