Why the Ooki DAO Case Could Hurt Participation in DAOs - Ep. 402

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 30 September 2022

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Nikhilesh De, CoinDesk's managing editor for global policy and regulation, comes to talk about the CFTC lawsuit against Ooki DAO and the potential consequences across the crypto industry. Show highlights: the enforcement action against Ooki DAO and the CFTC’s arguments behind it whether bZx’s statements that the DAO would be beyond the reach of regulators made it a target for the CFTC whether the broader implication of these charges could mean that all DeFi is illegal whether the hacks of bZx made it a high-profile target the CFTC Commissioner Summer Mersinger's dissenting statement and her concerns who the targets of the CFTC enforcement action are the consequences of the lawsuit for token holders and how to determine which token holders are liable why the CFTC chose to post a notice in the Ooki DAO forum and whether that is sufficient notice what the next steps for DAO members are and whether there will be wide community support Thank you to our sponsors! 1inch Crypto.com Nik Twitter Previous Coverage of Unchained on regulation: Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto Congressman Ro Khanna: How to Get More Democrats into Web3 Why the Crypto Industry Believes SEC Regulation by Enforcement Hurts US Consumers The lawsuit against Ooki DAO CFTC Filing $250,000 fine Nik’s article CFTC Commissioner Summer Mersinger’s dissenting statement Jake Chervinsky’s opinion Ooki DAO’s options CFTC serving the members of the Ooki DAO via their forum Tim Copeland’s article on what’s next for DAOs Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host, Laura
0:09.2	Shinn, author of The Crypto Beans. I started covering crypto seven years ago, and as a senior
0:15.2	editor at Forbes was the first mainstream media reporter to cover cryptocurrency full-time.
0:19.9	This is the September 30th, 2022 episode of Unchained. Do you have a burning question for the
0:25.8	chopping block? Tune in every other Wednesday with host Haseeb Karashi, Tom Schmidt,
0:31.1	Robert Lesher, and Taroon Chitra. Subscribe on YouTube at youtube.com slash c slash Unchained
0:36.8	podcast. With the crypto.com app, you can buy, earn, and spend crypto in one place.
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1:15.0	Today's guest is Nick Day, CoinDesk Managing Editor for Global Policy and Regulation.
1:20.5	Welcome, Nick. Thank you for having me. One quick note, everyone. Nick is at the Circle Converge
1:25.9	Conference. If you hear background noise, it's because he was not able to find a more private
1:30.8	place to record. Nick, over the last week, we have seen the crypto industry surprised by and
1:38.3	kind of up in arms about an enforcement action by the Commandade's Futures Trading Commission,
1:43.6	which actually historically has been seen as an agency that's been pretty favorable to the
1:49.6	industry. What happened with this enforcement action? Yeah, so basically in the middle of
1:55.9	September, the Commandade Futures Trading Commission announced that it had settled charges with
2:01.6	a company called B0X and its founders on allegations that they were running a unregistered futures
2:08.1	commission merchant, meaning they were offering leverage trades and margin trades and did not go through
	...

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