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News

CFTC Urges Court To Enter A Default Judgment Against Ooki DAO Lawsuit

January 12, 2023 - Around 2 mins mins to read

Key Points:

  • Ooki DAO ignored a lawsuit, so the CFTC is asking a federal judge to determine that it broke federal commodities regulations.
  • The DAO was sued by the agency on allegations that it operated an unlicensed cryptocurrency futures trading platform and neglected to carry out adequate know-your-customer checks.
  • On December 20, 2022, the Court deemed service on the Ooki DAO of the Complaint and Summons in this action complete as of that date.
In response to the decentralized autonomous organization’s (DAO) failure to reply to ongoing litigation, the U.S. Commodity Futures Trading Commission (CFTC) is asking a federal judge to determine that Ooki DAO breached federal commodities regulations.
CFTC Urges Court To Enter A Default Judgment Against Ooki DAO Lawsuit

In a filing on Wednesday, the CFTC claimed that the DAO’s deadline to respond (January 10, 2023) had passed and that the court should grant the group a default judgment.

“Pursuant to Rule 12(a)(1)(A)(i), the Ooki DAO’s answer or other responsive pleading to the Complaint was due on or before January 10, 2023. The Ooki DAO failed to answer or otherwise defend as instructed by the Summons and as provided by the Rules.”

Ooki DAO was sued by the CFTC on allegations that it operated an unlicensed cryptocurrency futures trading platform and neglected to carry out adequate know-your-customer checks.

CFTC Urges Court To Enter A Default Judgment Against Ooki DAO Lawsuit

Ooki DAO, the business that took over from bZeroX, allegedly permitted individuals from the United States to trade illegal crypto derivatives products. In September of last year, the CFTC reached a settlement with bZeroX and the company’s founders, Tom Bean and Kyle Kistner, and simultaneously made an attempt to sue the entire DAO. A forum message and a chatbot were used to serve the lawsuit.

The CFTC should be required to identify the token holders behind Ooki DAO rather than acting on behalf of the DAO as a whole, according to a number of legal organizations and crypto sector businesses that objected to treating a DAO like a person.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

bZeroX

CFTC

DAO

ooki dao

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

CFTC Urges Court To Enter A Default Judgment Against Ooki DAO Lawsuit

Key Points:

  • Ooki DAO ignored a lawsuit, so the CFTC is asking a federal judge to determine that it broke federal commodities regulations.
  • The DAO was sued by the agency on allegations that it operated an unlicensed cryptocurrency futures trading platform and neglected to carry out adequate know-your-customer checks.
  • On December 20, 2022, the Court deemed service on the Ooki DAO of the Complaint and Summons in this action complete as of that date.
In response to the decentralized autonomous organization’s (DAO) failure to reply to ongoing litigation, the U.S. Commodity Futures Trading Commission (CFTC) is asking a federal judge to determine that Ooki DAO breached federal commodities regulations.
CFTC Urges Court To Enter A Default Judgment Against Ooki DAO Lawsuit

In a filing on Wednesday, the CFTC claimed that the DAO’s deadline to respond (January 10, 2023) had passed and that the court should grant the group a default judgment.

“Pursuant to Rule 12(a)(1)(A)(i), the Ooki DAO’s answer or other responsive pleading to the Complaint was due on or before January 10, 2023. The Ooki DAO failed to answer or otherwise defend as instructed by the Summons and as provided by the Rules.”

Ooki DAO was sued by the CFTC on allegations that it operated an unlicensed cryptocurrency futures trading platform and neglected to carry out adequate know-your-customer checks.

CFTC Urges Court To Enter A Default Judgment Against Ooki DAO Lawsuit

Ooki DAO, the business that took over from bZeroX, allegedly permitted individuals from the United States to trade illegal crypto derivatives products. In September of last year, the CFTC reached a settlement with bZeroX and the company’s founders, Tom Bean and Kyle Kistner, and simultaneously made an attempt to sue the entire DAO. A forum message and a chatbot were used to serve the lawsuit.

The CFTC should be required to identify the token holders behind Ooki DAO rather than acting on behalf of the DAO as a whole, according to a number of legal organizations and crypto sector businesses that objected to treating a DAO like a person.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News