The CFTC is trying to “create [a] novel precedent” for itself in trying to serve a lawsuit to the entirety of Ooki DAO, one of three filings pushing back against the agency’s lawsuit said. nikhileshde cheyenneligon report
to U.S. customers. The CFTC made similar allegations with bZeroX, a company that acted as a predecessor to the DAO.
The four amici initially argued that the CFTC’s method of serving notice on Ooki DAO’s members – which was done by posting a notice in a DAO-run forum and via a chatbot on the DAO’s website – was unlawful, and DAO members impacted by the suit should have been notified directly. Due to the unorthodox nature of the notice, the CFTC had to ask the California judge overseeing the case to approve its methods. The amici say the judge should reconsider.
Much of the filing focuses on this argument, detailing why the venture fund believes the CFTC has failed to meet legal requirements for serving the DAO., which attempt to convince the court that the CFTC did not properly serve notice, and that allowing the federal regulator to skirt existing legal requirements just because the technology involved in the case is novel could risk the Constitutional right to due process.
“The CFTC relies upon a razor thin metaphysical distinction between the Ooki DAO and Ooki Protocol. According to the CFTC, the Ooki Protocol is software. In contrast, the Ooki DAO is ‘a group of users of the Ooki Protocol who chose not to incorporate, and both held and actually voted governance tokens to participate in the business of running the Ooki Protocol pursuant to specific, publicized governance protocols.
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