• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Belgium to introduce new crypto ad regulation

2023-03-21

Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

2023-03-20

Taiwan orders financial watchdog to take over crypto regulations

2023-03-20
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01

    Yuga Labs Launches A New NFT Collection on Bitcoin Network

    2023-02-28
  • Metaverse

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20

    Nissan Doubles Down on Web3 Innovation

    2023-03-13

    As Fashion Moves into the Metaverse, What Other Industries Could Be Next

    2023-03-13

    South Korea Launches New ‘Metaverse Fund’

    2023-03-13
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Belgium to introduce new crypto ad regulation

    2023-03-21

    Taiwan orders financial watchdog to take over crypto regulations

    2023-03-20

    Florida Governor Moves to Ban CBDCs, Calls for Coalition of States to Follow Suit

    2023-03-20

    Florida Governor Ron DeSantis seeks to ban US CBDC in state

    2023-03-20

    Cardano Creator Charles Hoskinson Slams Politicians for Blaming US Banking Crisis on Crypto

    2023-03-20
  • Learn

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17

    How to Short Sell Bitcoin

    2023-03-17

    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    2023-03-15

    What is it & List of Top defi 2.0 Projects

    2023-03-13

    Centralized (CEX) vs Decentralized (DEX) Cryptocurrency Exchanges

    2023-03-06
  • Market Cap
CryptoNewsMetaverse
Home»Regulation»Ooki DAO misses lawsuit response deadline, default judgment on the cards
Regulation

Ooki DAO misses lawsuit response deadline, default judgment on the cards

2023-01-12No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

The Commodity Futures Trading Commission (CFTC) has begun the process of getting a default judgment in its case against Ooki DAO after the decentralized autonomous organization (DAO) missed the deadline to respond to the lawsuit. 

According to a Jan. 11 court filing, the regulator has requested the court for an “entry of default” against the DAO, stating it had missed the deadline to “answer or otherwise defend” as instructed by the summons. 

If approved, the entry of default will establish Ooki DAO has failed to plead or defend itself in court and will no longer be able to answer or respond to the suit.

An “entry of default” is the first step in the process of gaining a default judgment — a ruling handed down by the court when the defendant fails to defend a lawsuit.

Cast your vote now!

The lawsuit in question was filed by the CFTC on Sept. 22, accusing Ooki DAO of illegally offering “leveraged and margined” digital asset commodity transactions to retail traders along with failing to enact a way to identify customers and “engaging in activities only registered futures commission merchants (FCM) can perform.”

Related: CFTC action shows why crypto developers should get ready to leave the US

The lawsuit was served to the DAO through its help chat box along with a notice on its online forum.

In December, District Judge William Orrick ordered the regulator to serve Tom Bean and Kyle Kistner, the founders of a predecessor trading platform to Ooki DAO, adding the CFTC “should serve at least one identifiable Token Holder if that is possible.”

Bringing forward the lawsuit without clear regulatory guidelines had many criticize the regulator. CFTC commissioner Summer Mersinger even called the action a “regulation by enforcement” approach.

The case could set an interesting precedent for future lawsuits involving DAOs as charges and enforcement will be carried out against an organizational structure with no central body that often includes anonymous members.

In a Dec. 20 court filing, Judge Orrick said Ooki DAO “has the capacity to be sued as an unincorporated association under state law” but that does not “necessarily establish” that the DAO is an association that can be held liable under commodities regulations.

He added those questions can be addressed “later in litigation”

Source link

cards DAO deadline Default judgment lawsuit Misses Ooki Response
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Belgium to introduce new crypto ad regulation

2023-03-21

Taiwan orders financial watchdog to take over crypto regulations

2023-03-20

Florida Governor Moves to Ban CBDCs, Calls for Coalition of States to Follow Suit

2023-03-20

Florida Governor Ron DeSantis seeks to ban US CBDC in state

2023-03-20
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Analyst Michaël van de Poppe Unveils Altcoin Picks, Says He’s Bullish on Ethereum and Three ETH Rivals

2022-06-19

What SEC v. Ripple has in common with the allegations against Sun, TRON

2022-03-14

Crypto Strategist Warns Deep Bitcoin Correction Coming, Says BTC Flashing November 2021 Vibes

2022-04-11

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Belgium to introduce new crypto ad regulation

2023-03-21

Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

2023-03-20

Taiwan orders financial watchdog to take over crypto regulations

2023-03-20
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$28,163.000.20%
  • ethereumEthereum(ETH)$1,817.692.36%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.01-0.22%
  • binancecoinBNB(BNB)$338.49-0.27%
  • usd-coinUSD Coin(USDC)$1.00-0.01%
  • rippleXRP(XRP)$0.42423810.79%
  • cardanoCardano(ADA)$0.3532743.17%
  • Lido Staked EtherLido Staked Ether(STETH)$1,818.172.64%
  • matic-networkPolygon(MATIC)$1.161.13%